President Trump announced the US has secured majority control of over 65 billion barrels of Venezuela’s oil reserves through a partnership with private businesses. The deal aims to revitalize Venezuela’s oil industry and potentially lower US fuel prices by increasing crude supply. While details remain scarce, the agreement, welcomed by Venezuelan leadership, represents a significant expansion of US involvement in the country's energy sector. Venezuela possesses the world’s largest proven oil reserves but currently produces far below capacity due to years of economic challenges. The arrangement follows recent negotiations and involves granting US companies long-term access to Venezuelan oilfields. Officials are preparing to finalize agreements next week, potentially utilizing a lease model to govern operations.