What’s behind the US deal to seize control of Venezuelan oil reserves?
Summary
The United States and Venezuela’s interim government have agreed on a deal giving the U.S. majority control of about 65 billion barrels of Venezuelan oil reserves. This deal covers 17 important oil fields and aims to increase U.S. oil supplies, which have been declining in recent years.Key Facts
- The deal involves control of approximately 65 billion barrels of oil, about one-fifth of Venezuela’s proven reserves.
- Venezuela has the world’s largest known oil reserves, estimated at 303 billion barrels as of 2023.
- The U.S. plans to partner with a private company to extract the oil from these Venezuelan fields.
- U.S. proven oil reserves are expected to be around 46 billion barrels by the end of 2024, showing a decline.
- The Strategic Petroleum Reserve, an emergency U.S. oil stockpile, is also shrinking and currently holds less than half of its maximum capacity.
- The deal was announced by President Donald Trump, who described it as the “biggest oil deal in world history.”
- Political changes in Venezuela, including the arrest of former President Maduro and the rise of interim President Delcy Rodriguez, preceded this agreement.
- The United States has stated it will control Venezuela’s oil exports indefinitely under this new agreement.
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