Uploaded August 2026 | Updated September 2026, 3 weeks ago
The US has struck an unprecedented deal with Venezuela to take control of a fifth of its oil reserves. President Donald Trump has called it the biggest oil deal in history, saying that it could deliver a new source of crude to help bring down US fuel prices. Despite heavy criticism from oil experts, economists and political figures, Caracas has emphasised that it retains sovereignty over its resources, and the US$100 billion investment on its oil industry will revive the country's economy. The OPEC nation also confirmed that the deal will be for 25 years and not 100 as previously reported by US media. Andreina Fermin reports.
The US has struck an unprecedented deal with Venezuela to take control of a fifth of its oil reserves. President Donald Trump has called it the biggest oil deal in history, saying that it could deliver a new source of crude to help bring down US fuel prices. Despite heavy criticism from oil experts, economists and political figures, Caracas has emphasised that it retains sovereignty over its resources, and the US$100 billion investment on its oil industry will revive the country's economy. The OPEC nation also confirmed that the deal will be for 25 years and not 100 as previously reported by US media. Andreina Fermin reports.
