US Secures Control of Venezuela's Oil Reserves in Controversial Deal

In a groundbreaking announcement, President Donald Trump revealed that the US has forged an agreement with Venezuela to oversee over 65 billion barrels of its oil reserves. This deal, he claims, is a significant boost to American oil supply, potentially lowering gas prices across the nation.

The interim President of Venezuela, Delcy Rodriguez, expressed optimism about the deal, stating it would catalyze economic recovery for her country. Trump emphasized that this transaction more than doubles US oil reserves, which could translate to substantial domestic benefits.

Secretary of State Marco Rubio echoed these sentiments, calling the agreement a major victory for both countries, with promises of $100 billion in private investment and thousands of jobs for Venezuelans. However, specifics regarding the partnership's commitments remain vague.

Under the agreement, the US will maintain a 55% stake in a joint venture to develop 17 strategic oil fields, with Rodriguez granting a 100-year concession for operations. While the deal is poised to revitalize Venezuela's economy, it raises questions about potential legal challenges in the country, particularly regarding the governance of its natural resources.

The backdrop of this arrangement includes the recent capture of former President Nicolás Maduro by US forces, which Trump authorized, leading to the assertion of US control over Venezuela's oil sales. Amid rising domestic fuel prices, the US aims to stabilize its energy market through this unprecedented control of a foreign nation's oil reserves.

Source: www.bbc.co.uk