Washington, D.C. — President Donald Trump announced Friday that the United States has reached an agreement with Venezuela giving U.S. interests majority control over more than 65 billion barrels of the country’s proven oil reserves.
Trump said the arrangement was negotiated with Venezuela’s interim government and would come at no cost to U.S. taxpayers. Reuters reported that the agreement is structured as a public-private partnership expected to attract nearly $100 billion in private investment to Venezuela’s battered oil industry.
The deal follows the removal of former Venezuelan President Nicolas Maduro in January and represents a major expansion of U.S. involvement in the OPEC member’s energy sector.
Venezuela holds some of the world’s largest proven crude reserves but currently produces only about 1.25 million barrels per day after years of underinvestment, sanctions and deteriorating infrastructure. The administration hopes expanded production can provide additional crude for U.S. refineries and eventually help ease pressure on gasoline prices.
Secretary of State Marco Rubio and Defense Secretary Pete Hegseth helped negotiate the agreement with interim President Delcy Rodriguez, according to Trump.
Several major details remain unclear, including the precise legal structure of U.S. control and how quickly investment could translate into additional production. Reuters noted that analysts also questioned whether political uncertainty and infrastructure problems could complicate implementation.
Sources
Discover more from News Facts Network
Subscribe to get the latest posts sent to your email.
