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US Energy Secretary Chris Wright will visit Venezuela after the country approved a deal giving the US effective control over a large share of its oil reserves. The deal, which remains partly undisclosed, has drawn criticism but is defended by the interim government. The visit comes as the Trump administration seeks to expand US influence in Venezuela's energy sector.
The Trump administration has disclosed details of a deal granting a private U.S. company rights to develop more than 17 oil fields in Venezuela over 100 years, with the Pentagon holding a 35% stake. The agreement aims to bolster American energy dominance, though analysts question its short-term impact.
President Trump says oil from the new deal with Venezuela will be used to refill the US Strategic Petroleum Reserve, which is near its lowest level in 44 years. The "fill-up" process is expected to begin immediately.
President Donald Trump announced a new oil deal with Venezuela on Friday, under which the United States will take control of a 'large portion' of Venezuela's 65 billion barrels of confirmed oil reserves. The deal, which Trump says will more than double U.S. oil reserves at no cost to taxpayers, has drawn criticism from Venezuelan opposition figures.
