US President Donald Trump posted on social media on Aug 28 that the United States has struck a deal with Venezuela to take "majority control" of more than 65 billion barrels of oil reserves.
Under the agreement, Trump said, the US and its partners, including private-sector companies, will secure majority control of the reserves. American taxpayers, he added, will not foot the bill.
The deal, Trump claimed, "will more than double America's oil reserves," boost global supply, and "substantially reduce US gasoline prices for a long time to come."
Private firms, including US companies, will develop the oilfields under an equity arrangement and share revenues with the Venezuelan government.
Venezuela holds the world's largest proven oil reserves, estimated at up to 300 billion barrels. The move comes after US forces raided Caracas on Jan 3 this year, detaining President Nicolás Maduro and his wife and bringing them to the US to stand trial.
Washington has since moved quickly to assert control over Venezuela's resources, including its oil and gold.
Related News:
US Justice Department proposes June 2027 trial date for Maduro on drug trafficking charges
Opinion | Trump's 'Economic D-Day' for Iran is more like 'Don't have a clue' day
Comment