What’s behind the US deal to seize control of Venezuelan oil reserves?

Author: Al Jazeera StaffPublished on: August 29, 2026Country: United States
PoliticsBusiness & Economy
What’s behind the US deal to seize control of Venezuelan oil reserves?

The United States has announced it has secured control of a substantial portion of Venezuela's oil reserves after President Donald Trump pledged to 'take back' the country's energy resources. The deal involves more than 65 billion barrels of proven reserves and includes 17 strategic oil fields, with the US government partnering with a private business for extraction. However, some analysts have questioned the announced figure, suggesting it may be a flashy announcement aimed at jumpstarting the US economy.

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