US Secures Control of 65 Billion Barrels of Venezuelan Oil
The United States has reached a deal with Venezuela to gain control of over 65 billion barrels of proven oil reserves. President Donald Trump announced the agreement, which aims to revive Venezuela's energy industry and is expected to generate approximately $209 billion for the Venezuelan treasury. The deal follows extensive negotiations and is set to provide American companies long-term access to Venezuelan oilfields. Venezuela, which holds the world's largest proven oil reserves, currently produces about 1.25 million barrels per day, significantly below its potential. The arrangement may face legal challenges in Venezuela, where the state maintains control over core oil industry activities.
Published 17 hours ago • 29 Aug 2026, 07:23 AM IST