US to control one fifth of Venezuela's oil reserves, Trump says
President Donald Trump on Friday announced an unprecedented US push to take control of a fifth of Venezuela's vast oil reserves, betting that American companies can revive the OPEC nation's battered energy industry while delivering a new source of crude to help bring down US fuel prices.
United States President Donald Trump announced an agreement on Friday granting the country majority control of Venezuela's proven oil reserves. Trump described the deal as the "biggest oil deal in world history," covering approximately 65 billion barrels of petroleum reserves. The agreement could attract nearly $100 billion in private investment into Venezuela.
The United States president stated that the deal would more than double the country's oil reserves. Secretary of State Marco Rubio and Defense Secretary Pete Hegseth were reportedly involved in negotiating the agreement with Venezuela's interim leader, Delcy Rodriguez. Rodriguez confirmed the historic agreement, stating it would play a major role in rebuilding Venezuela's economy, potentially generating over $209 billion in tax revenue.
However, questions remain about the mechanism through which the United States would obtain control of the Venezuelan oil assets.
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