US Secures Control of 65 Billion Barrels of Venezuelan Oil in Historic Deal

In a significant development, President Donald Trump has announced a historic oil deal that grants the United States majority control over more than 65 billion barrels of proven oil reserves in Venezuela. This agreement, negotiated under Trump's direction, involves a joint venture that allows the US to claim 55% effective output from 17 strategic oil fields, as confirmed by Venezuela's interim President Delcy Rodríguez.

The deal is valued at approximately $5.4 trillion and is expected to attract around $100 billion in private investment into Venezuela's oil sector. It aims to bolster US oil reserves, effectively doubling them, while also promising to lower gas prices for American consumers. The arrangement includes 100-year concessions for oil fields in the Orinoco Belt and Lake Maracaibo.

Secretary of State Marco Rubio hailed the agreement as a substantial victory, projecting it to generate over $209 billion in tax revenue for Venezuela throughout its duration. The move comes in the wake of a U.S.-led operation that ousted former President Nicolás Maduro, allowing for the establishment of a new interim government.

This deal not only enhances the US strategic petroleum reserve but also positions the joint venture as the second-largest private oil company globally, trailing only Saudi Aramco. As the US seeks to alleviate domestic fuel shortages and stabilize gas prices, this agreement marks a notable shift in energy dynamics, especially in a region historically influenced by China and Russia.