US and Venezuela Reach Agreement for 65 Billion Barrel Oil Reserve
The United States announced it has taken control of 65 billion barrels of oil reserves following an agreement with Venezuela.
US President Donald Trump announced that, following an agreement with Venezuela, control of the country's 65 billion barrels of proven oil reserves has been secured.
Details of the Agreement
US President Donald Trump publicly announced the historic oil agreement reached with Venezuela.
Thanks to this agreement, the United States has taken majority control of the 65 billion barrels of oil reserves located on Venezuelan territory.
Officials' Statements
During the process, Secretary of State Marco Rubio and Secretary of War Pete Hegseth established close contact with Venezuela's Acting President Delcy Rodriguez.
Marco Rubio stated in a social media post that the agreement is a major victory for the people of both the US and Venezuela.
Global Oil Market
Venezuela holds a significant position in global supply, hosting approximately 17 percent of the world's crude oil reserves.
Although a large portion of the reserves in the country is known, only 1 percent of global oil production can be realized due to deteriorated infrastructure.