US Gains Majority Control Over Venezuelan Oil Reserves

In a landmark agreement announced by President Donald Trump, the United States has secured majority control over more than 65 billion barrels of Venezuela's proven oil reserves. This deal, which accounts for approximately 21% of Venezuela's total reserves, was confirmed by the country's acting president, Delcy Rodríguez.

The arrangement involves a joint venture with an undisclosed private operator in Venezuela, allowing the US to control 55% of the production output. This control is divided between an equity stake and the option to purchase crude oil at cost. The newly formed company is now recognized as the world’s second-largest corporate holder of proven oil reserves, trailing only Saudi Arabia’s Aramco.

The agreement is part of a broader strategy to enhance Venezuela’s energy production capacity, with an estimated investment exceeding $100 billion. Secretary of State Marco Rubio hailed the deal as beneficial for both nations, while the backdrop of rising fuel prices and dwindling US strategic reserves adds urgency to the arrangement.

Source: en.mercopress.com