The United States has secured control over a fifth of Venezuela's oil reserves in a landmark deal, according to reports. This agreement marks a significant shift in the country's oil industry, with the US Energy Secretary traveling to Venezuela to finalize the arrangement.
The deal, which was initially claimed by former President Donald Trump to lower gas prices, has been met with skepticism and criticism. Some analysts and Venezuelans view the agreement as a farce, while others remain puzzled by its implications.
China, a major investor in Venezuela's oil sector, has expressed concern over the deal, demanding respect for its existing investments amid the transfer of oilfields to US control.
Despite the controversy, the US has defended the agreement, asserting that it will lead to a significant increase in Venezuela's oil output. The US energy secretary stated that oil production is expected to more than double in the next few years as a result of the deal.