Trump says US is taking partial control of Venezuela's vast oil reserves, but offers few details about agreement

United States President Donald Trump announced on Friday an unprecedented plan to take control of a fifth of Venezuela’s vast oil reserves, in hopes of revitalizing the energy industry and lowering fuel prices for Americans. The agreement, which grants the US majority control over more than 65 billion barrels of proven oil reserves, has been welcomed by the interim leader of Venezuela, Delcy Rodriguez, who says it will bring nearly $100 billion in private investment and create thousands of jobs.

While Trump gave few specifics about the deal, he said that the US will secure majority control through a partnership with private business, without any cost to the American taxpayer. The agreement could face legal and constitutional challenges in Venezuela, where the state retains control over key oil industry activities. Analysts have expressed doubts about the deal's potential to attract significant investment and lower gasoline prices in the short term, citing political uncertainty and Venezuela's inadequate infrastructure and government discretion over the industry.