US Secures Control Over 65 Billion Barrels of Venezuelan Oil
The United States has announced an agreement with Venezuela granting control over 65 billion barrels of proven oil reserves. The deal was negotiated by Secretary of State Marco Rubio, Defence Secretary Pete Hegseth, and Venezuela's interim President Delcy Rodriguez. This agreement is expected to more than double US oil reserves and potentially lower domestic gasoline prices. Venezuela, which holds an estimated 303 billion barrels of crude oil reserves, currently produces only about 1% of the world's oil due to deteriorating infrastructure. The announcement follows a US military operation that captured former Venezuelan President Nicolás Maduro, who faces federal charges in the US.
Published 19 hours ago • 29 Aug 2026, 05:50 AM IST