Venezuela says it retains control of oil under US deal

Venezuela's acting president, Delcy Rodríguez, has stated that her country retains control of its oil under a new agreement with the United States. The deal, described by US President Donald Trump as "the biggest oil deal in history," grants the US majority control of 65 billion barrels of Venezuela's proven oil reserves. According to President Trump, the agreement was reached with Rodríguez's government and will allow the US to more than double its oil reserves.

The deal has been met with criticism from both supporters and opponents of Rodríguez's government. Some have questioned the deal's legality and accused the government of surrendering national sovereignty, while others have expressed concerns that it may reinforce Trump's commitment to working with Rodríguez and reduce incentives for Washington to push for new elections.

Rodríguez, in a televised national address, said the deal will help revive Venezuela's economy. The South American nation has the world's largest proven oil reserves but has struggled to produce oil due to underinvestment, mismanagement, and sanctions.

Brief written by urgent.news from Punch Nigeria, ABC News AU, The Age, The Sydney Morning Herald, Investing.com — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.