US Takes Control of 65 Billion Barrels of Venezuelan Oil

Venezuela has announced that it retains 'sovereignty' over its oil resources under a new agreement with the United States, which will have majority control of 65 billion barrels of Venezuela's proven reserves. The deal aims to restore production levels to those seen a quarter century ago and unlock $100 billion in private investment.

The US will have significant access to Venezuela's oil under the agreement, but Caracas says it retains ownership and sovereignty over its resources. Interim leader Delcy Rodriguez assured the public that the deal is aimed at turning cold, inert resources into a source of social and economic well-being for the people of Venezuela.

However, concerns have been raised about the lack of transparency surrounding the agreement, with some Venezuelans expressing doubts about who will benefit from the deal. Analysts agree that it would take time to see an increase in production, with one expert predicting it could be at least three or four years before the impact is felt.