Trump claims US control of 65 billion barrels in Venezuela deal

President Donald Trump said the United States has secured majority control over more than 65 billion barrels of Venezuela’s proven oil reserves through a deal with Caracas and private companies. The claimed agreement would cover about a fifth of Venezuela’s estimated reserves and could bring nearly $100 billion in private investment, Secretary of State Marco Rubio said. But the administration has not released the structure, legal basis, fields or companies involved. Energy analysts said Venezuela’s damaged oil infrastructure and years of underinvestment mean production gains would take years. Venezuela now produces about 1.2 million to 1.25 million barrels a day, far below past peaks, and experts said the deal is unlikely to cut US gasoline prices in the near term.