The US says it has struck a huge oil deal with Venezuela, giving Washington control over more than 65 billion barrels of the country’s proven reserves.
President Donald Trump called the agreement “historic”.
He claimed it would more than double US oil reserves, increase supply and help bring down petrol prices.
But what exactly has Washington secured? Details remain limited.
Secretary of State Marco Rubio described the deal as “a huge win” for both countries.
He said it could bring nearly $100 billion in private investment and thousands of jobs to Venezuela.
Venezuela’s interim President Delcy Rodriguez said the agreement covers 17 strategic oil fields and involves more than $100 billion in investment.
It also involves billions in taxes for the Venezuelan state.
Oil Control Faces Legal Challenges
According to a US official, Washington will hold a 55% stake in a joint venture with a private oil operator.
Washington will receive a 100-year concession to develop the fields.
The arrangement comes after US forces captured former Venezuelan President Nicolás Maduro in January.
Trump had previously said Washington would oversee Venezuela’s oil sales during the country’s transition.
Venezuela holds an estimated 303 billion barrels, the world’s largest proven oil reserves but its production has collapsed from past peaks.
The unanswered question is perhaps the biggest one: can such sweeping control over Venezuela’s oil survive legal and constitutional challenges?
