US-Venezuela Deal Grants Access to 65 Billion Barrels of Oil Reserves

President Donald Trump announced that his administration has entered into an agreement with Venezuela to access the country's vast oil reserves. The deal, negotiated by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, would grant the U.S. a significant stake in the development of 17 fields with proven potential for 65 billion barrels of oil.

The agreement allows the United States to partner with a private operator to create a new company that would take control of the reserves. The U.S. would hold an effective 55% output share, including ownership and rights to buy oil at cost, making it the second-largest corporate holder of proven reserves after Saudi Aramco.

The deal aims to draw $100 billion in investment into Venezuela's oil industry and yield over $209 billion in taxes for Caracas. However, experts caution that a significant boost in Venezuelan oil production will not happen quickly, as repairing and expanding infrastructure takes years and requires billions of dollars.