Trump says U.S. has entered deal with Venezuela to take control of 65 billion barrels of oil reserves

Key Points:

• President Donald Trump announced a historic agreement between the U.S. and Venezuela, potentially granting the U.S. access to Venezuela's vast untapped oil reserves, with a new private company holding 100-year development rights.
• The deal involves developing 17 oil fields with a potential of 65 billion barrels, could attract $100 billion in investment, and yield over $209 billion in taxes for Venezuela, with the U.S. securing a 55% effective output stake.
• The agreement comes amid rising U.S. gas prices and ongoing conflict affecting oil supply, but experts caution that increased Venezuelan oil production will take years due to infrastructure challenges and political uncertainty.
• Venezuela's acting President Delcy Rodríguez has reversed previous nationalization policies, opening the oil sector to privatization, while the oil from the deal is intended to support the U.S. strategic petroleum reserve and military needs.
• Despite the deal, former Venezuelan President Nicolás Maduro remains jailed in the U.S. on narcoterrorism charges, and major American oil companies have expressed caution about investing in Venezuela due to past experiences and instability.