US poised to take major share of Venezuelan oil reserves

The United States is set to gain a major foothold in Venezuela’s oil industry under a new agreement announced by President Donald Trump.

He said yesterday evening on Truth Social that the US will control a majority of the oil through a “partnership with private business,” at “no cost” to taxpayers. The arrangement covers more than 65 billion barrels of proven reserves and gives a US-backed joint venture 55% of its output.

The announcement comes as the war in Iran continues to disrupt global oil supplies.

The deal would “more than double” US oil reserves, Trump said. But Bloomberg noted that the unusual arrangement could face setbacks if political winds change in either country.

Venezuelan President Delcy Rodriguez called the plan historic. She said investors will develop 17 oil fields with more than $100 billion in funding. The projects could also generate about $209 billion in tax revenue for Venezuela.