US Secures Partial Control Over Venezuela's Oil Reserves
US President Donald Trump announced that his administration has entered an agreement with Venezuela's acting President Delcy Rodríguez for partial control of the South American country's oil reserves. The deal, negotiated by US Secretary of State Marco Rubio and US Defense Secretary Pete Hegseth, would give the US access to 17 untapped fields with a proven potential of 65 billion barrels.
The agreement allows for the creation of a new private company in partnership with an unnamed operator to develop the oil fields. The US would have a 55% effective output of the company, including an ownership stake and rights to buy oil at cost.
Rodríguez's government estimates that the deal could draw $100 billion in investment into Venezuela's oil industry and yield over $209 billion in taxes for Caracas.