The US Department of Defense initiated negotiations for Venezuelan oil fields through an intermediary on August 28. On August 29, President Donald Trump announced a deal securing US control over 65 billion barrels of Venezuela's oil reserves. Venezuela's interim president stated that the agreement will assist in reviving the country's struggling economy.
Interim President Delcy Rodriguez announced a long-term energy pact with the U.S. targeting a production increase to 1.5 million barrels per day.
Read the full storyPresident Donald Trump announced a deal securing US control over 65 billion barrels of oil to reduce domestic gas prices.
A strategic agreement grants Washington control over 65 billion barrels of oil to revive Venezuela's economy and bolster US energy security.
Reports indicate the Trump administration is seeking to secure direct energy supplies and exert geopolitical influence by controlling Venezuelan assets.