ALWAGHT- President Donald Trump says the United States has obtained a controlling stake in Venezuela’s vast proven oil reserves, estimated at more than 65 billion barrels, through an agreement that significantly broadens American companies’ role in the country’s energy industry.
US President Donald Trump says Washington has secured majority control over more than 65 billion barrels of Venezuela’s proven oil reserves through a deal involving US companies and Caracas’ interim leadership. Details on how the control would work and which companies or oilfields are involved remain unclear.
The announcement follows weeks of negotiations over long-term US access to Venezuelan oil. Caracas is expected to approve agreements covering 17 major oilfields in the Orinoco Belt and Lake Maracaibo, though the proposed arrangements could face constitutional and legal obstacles.
Washington says increased Venezuelan crude exports could help lower US fuel prices while attracting nearly $100 billion in private investment to Venezuela. Caracas expects the oilfield projects to significantly increase production and generate substantial tax revenues for the state.
Analysts, however, question whether the agreement can overcome Venezuela’s weak infrastructure, political uncertainty and investment challenges. Reviving production will require major spending, while the country’s heavy crude and limited refining and export capacity could restrict any immediate impact on US fuel prices.
