Venezuela hands the US control over a fifth of its oil in landmark deal

Venezuela's parliament has approved a deal granting the US control of about one-fifth of its oil reserves. The agreement was backed by the government-dominated National Assembly. According to Malay Mail and Gulf News, US officials said the deal would lower oil prices for Americans and counter Russian and Chinese influence.

The deal comes as Washington maintains a significant grip on the government in Caracas after the ousting of President Nicolas Maduro in January. US Energy Secretary, as per Malay Mail, Chris Wright, arrived in Venezuela on Tuesday, with a signing of the agreement set for Wednesday. Oil giant Chevron is expected to announce a major expansion in Venezuela on the same day, as per Malay Mail and Gulf News.

US President Donald Trump met oil executives at the White House as he tries to tame gas prices. Trump said on his Truth Social network that his administration is "unleashing American Energy Dominance!" Secretary of State Marco Rubio stated in a Spanish-language interview that a private company is working with the US to "normalize the Venezuelan economy."

Brief written by urgent.news from Euronews, Malay Mail, Gulf News — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.