US takes 55% stake in 65 billion barrels of Venezuela oil
Why it matters: Analysts doubt the deal can cut US gas prices soon because legal, investment and operating questions remain unresolved.
President Donald Trump said the United States has secured control of more than 65 billion barrels of Venezuela’s proven oil reserves through a new joint venture, an extraordinary step that would give the US a 55% stake in projects tied to 17 oil fields. Venezuelan interim President Delcy Rodríguez said the accord will run for 25 years and draw more than $100 billion in investment while lifting crude output to 1.5 million barrels a day. But key terms remain unclear, including which company will operate the fields and how the arrangement fits Venezuela’s constitutional limits on state control of oil. Energy specialists also questioned whether the project could lower US fuel prices in the near term.