Venezuela Keeps Control Under Historic Oil Deal with US

Delcy Rodriguez, interim president of Venezuela, stated that her country retains control over its oil reserves under a new agreement with the United States. The deal allows the US to have majority control of 65 billion barrels of proven reserves in exchange for $100 billion in private investment.

The agreement aims to restore production levels to those seen three decades ago, when Venezuela produced three million barrels per day. However, analysts predict it will take at least three or four years for significant increases in oil production to be seen.

Venezuela's government has come under pressure from the Trump administration since the ousting and capture of long-time ruler Nicolas Maduro in January. Washington allowed Rodriguez to stay on as interim leader, provided she aligns with their policies.