US Seeks Control of 65 Billion Barrels of Venezuelan Oil Reserves
US President Donald Trump announced on August 28 that his administration intends to take control of part of Venezuela's oil reserves, specifically more than 65 billion barrels of proven oil reserves. This volume represents approximately one-fifth of Venezuela's total proven oil reserves.
The agreement could reshape Venezuela's oil industry and provide US refineries with additional crude oil, potentially affecting fuel prices in the United States.
Venezuela's interim leader, Delcy Rodríguez, supported the agreement, emphasizing its potential importance for the country's economy and budget revenues.
According to Trump, cooperation with private businesses should help revive Venezuela's energy industry and provide US refineries with additional crude oil. However, analysts say the project's legal and financial framework must be seen before its real prospects can be assessed.