President Donald Trump has announced a new agreement granting the United States control over 65 billion barrels of Venezuela’s proven oil reserves. The administration claims the arrangement will significantly increase American oil holdings and help reduce gasoline prices for U.S. consumers, which have risen amid ongoing conflict in the Middle East.

The deal, which involves a partnership with private business, reportedly grants the U.S. government a 55% stake in a joint venture to develop 17 strategic oil fields. According to Venezuelan interim President Delcy Rodríguez, the project includes a 100-year concession and is expected to attract over $100 billion in private investment. U.S. Secretary of State Marco Rubio described the move as a major victory for both nations, citing the potential for job creation and economic reconstruction in Venezuela.

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Despite the administration's optimism, energy analysts have expressed caution regarding the feasibility and timeline of the project. Experts noted that Venezuela’s oil infrastructure faces significant challenges, including a fragile power grid and limited export capacity. Rachel Ziemba of the Center for New American Security suggested that the agreement is unlikely to provide immediate relief to global oil supplies, noting that any material impact would likely take years to materialize. Additionally, legal experts have raised questions about whether the deal complies with Venezuelan constitutional and hydrocarbons law.

The agreement follows the January capture of former Venezuelan President Nicolás Maduro by U.S. special forces. While the White House has framed the initiative as a way to stabilize energy markets, industry observers point out that Venezuelan oil is primarily "heavy, sour" crude, which is more difficult to refine into gasoline than the "light, sweet" oil typically produced in the United States. The official text of the agreement has not yet been released to the public.

Source: BBC News