US taking partial control of Venezuela's oil reserves

Donald Trump has announced an unprecedented US push to take control of one-fifth of Venezuela's vast oil reserves, betting American companies can revive the OPEC nation's battered energy industry while delivering a new source of crude to help bring down American fuel prices.

The US president on Friday provided few details about the agreement, saying only that the United States had secured majority control of more than 65 billion barrels of Venezuela's proven oil reserves through a partnership with private business.

"At my direction, Secretary of State Marco Rubio, and Secretary of War Pete Hegseth, working closely with Highly Respected Interim President of Venezuela, Delcy Rodriguez, and, through a partnership with private business, have secured majority US control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer," Trump wrote on Truth Social.

The announcement followed weeks of US-Venezuelan negotiations over a deal that would give American companies long-term access to a group of Venezuelan oilfields and guarantee the resulting crude supply to the US.

Venezuelan officials are preparing to sign agreements next week granting new oil exploration and production rights to a number of companies, particularly US firms.

Sources previously told Reuters a lease model was under consideration, with fields potentially auctioned to US producers, but the arrangement could face legal and constitutional challenges in Venezuela, where the state retains control over core oil industry activities.

The new deal would represent a dramatic expansion of the US role in Venezuela's oil industry as the Trump administration seeks to revive the country's production and secure more crude for US refineries.