US strikes deal with Venezuela to control 65 billion barrels of its oil
Donald Trump announced that the United States has secured a deal for majority control over 65 billion barrels of Venezuelan oil reserves. The agreement involves a partnership with private operators and aims to lower gas prices in the US.
Why it matters
Represents a significant shift in international energy policy and US-Venezuela geopolitical relations.
Venezuela has one of the world's largest known oil reserves but dilapidated infrastructure prevents much of it from being produced. ( Reuters: Samir Aponte )
The United States has struck a deal with Venezuela to secure "majority US control" of more than 65 billion barrels of Venezuelan oil, according to Donald Trump.
It comes nearly nine months after the US captured Venezuela's president Nicolás Maduro and spirited him to the US to face federal narcoterrorism and drug trafficking charges.
The agreement allows for the US to partner with an unnamed private operator in Venezuela to create a new private company to take hold of the reserves, according to a US official.
Link copied Share Share article US President Donald Trump says the US has entered an agreement with Venezuela to take control of a fifth of the South American country's vast oil reserves.
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