Washington moves closer to Venezuelan oil control

The administration of U.S. President Donald Trump has approached reaching an agreement with Venezuela that would allow it access to a portion of Venezuelan oil reserves, by securing oil fields for development and operation by American companies. The goal is to boost oil supplies to the United States and reduce costs. The negotiations include 17 oil fields in the Orinoco Belt and areas near Lake Maracaibo, and they may pose legal challenges due to Venezuelan laws that advocate for state control over the oil sector. This move comes amid U.S. efforts to increase oil supplies and lower gasoline prices, while Venezuela is also attempting to restore its relations with regions outside OPEC. The development could potentially lead to changes in the country’s oil management policies.

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