US claims majority control of 65 billion barrels of Venezuelan oil
The US says it has secured majority control of over 65 billion barrels of Venezuela's proven oil reserves in a landmark agreement.
The United States has announced a landmark agreement granting it majority control of more than 65 billion barrels of Venezuela's proven oil reserves. Former President Donald Trump described the deal as the 'biggest oil deal in history', asserting that it will substantially reshape the global energy landscape.
According to the announcement, the agreement is expected to double the United States' total oil reserves. Trump also claimed the deal would lead to lower domestic gasoline prices for American consumers, while simultaneously providing a significant boost to Venezuela's struggling economy.
The scale of the reserves involved makes this one of the largest energy agreements ever negotiated. Venezuela, which sits atop some of the world's largest proven oil deposits, has faced years of economic turmoil and international sanctions that have crippled its petroleum industry.
While the announcement frames the deal as a win for both nations, the practical implementation and the response from the Venezuelan government remain to be seen. The claim of majority control over another nation's natural resources raises significant questions about sovereignty and the legal framework of such an arrangement.
Analysts will be watching closely to see how this agreement affects global oil prices, US energy independence, and the geopolitical balance in Latin America. The deal, if fully realised, could fundamentally alter the dynamics of the international oil market.