US Seizes Control of Venezuela's Oil Reserves in Favorable Deal for Trump

US President Donald Trump announced a deal that grants access to Venezuela's vast oil reserves in exchange for installing a more favorable leader.

The deal, negotiated by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, gives the US government 55% effective output of a new private company formed with an unnamed operator in Venezuela.

The agreement involves developing 17 oil fields with a proven potential of 65 billion barrels, which could draw $100 billion in investment into Venezuela's oil industry and yield over $209 billion in taxes for Caracas.

However, experts warn that repairing Venezuela's dilapidated oil infrastructure will take years and billions of dollars, making it unlikely to boost production quickly.