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FinanceUS secures majority control over 65+ billion barrels of Venezuela's oil reserves
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A recent deal grants the United States majority control over more than 65 billion barrels of Venezuela's proven oil reserves, representing roughly one-fifth of the country's total proven reserves of about 303 billion barrels. The agreement is structured as a joint venture giving the US 55% effective output control. The remaining majority of Venezuela's oil reserves remains under Venezuelan sovereign control. This development significantly shifts the balance of control over one of the world's largest oil reserves, with the US now holding operational majority over a substantial portion of Venezuela's oil wealth.
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Clarification on Venezuela Oil Deal
No. The recent agreement does not transfer majority control of Venezuela's total oil reserves.
- The deal secures U.S. majority control (55% effective output via a joint venture) over more than 65 billion barrels of oil.
- This volume represents roughly one-fifth of Venezuela’s total proven reserves, which stand at approximately 303 billion barrels.
- The remaining majority of the country's reserves remains under Venezuelan sovereign control.
Source
grokNeutral / independent
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