US Seeks Majority Control Over Venezuela's Crude Reserves

The US is the world's top oil producer and exporter, yet it wants majority control over Venezuela's crude reserves. According to reports, the US will gain control over more than 65 billion barrels of Venezuelan oil, or about 20% of its proven reserves.

This move is ambitious, aiming to combine American capital and technology with Venezuela's dilapidated oil production infrastructure. The agreement would give the US a reliable supply source for heavy sour crude, which its refineries are designed to process.

Venezuela has massive oil reserves but produces only about 1% of global output. Scaling up production will be a challenge, and experts estimate it can return to late 1990s levels by 2040 with new investment.