US Secures Majority Control Over Venezuela's Massive Oil Reserves
US President Donald Trump has announced a historic deal securing majority control over Venezuela's massive oil reserves. The agreement gives the US 55% effective output in a new joint venture oil company, effectively doubling American oil reserves. This move is expected to lower gas prices for Americans and support the country's strategic petroleum reserve.
The deal was negotiated by top officials with Venezuelan interim leadership and private partners, according to reports from BBC. The arrangement includes 100-year concessions for fields in the Orinoco Belt and Lake Maracaibo. Secretary of State Marco Rubio called the agreement a 'huge win' that will bring nearly $100 billion in private investment and support thousands of high-paying jobs.
The initiative is expected to increase oil supply, lower gas prices, and help set Venezuela on a course toward prosperity. President Trump highlighted the benefits of the deal, stating it would 'substantially lower Gas Prices for all Americans, long into the future.' The agreement's details were outlined in a statement from the White House.
The US will have equity ownership and at-cost off-take rights through the joint venture, supporting military needs. The deal is expected to increase oil supply and drive reconstruction of Venezuela's economy. With this move, the US gains control over more than 65 billion barrels of proven Venezuelan oil reserves.