21 Hrs
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البلاد
Trump aims for US stake in Venezuelan oil
The Trump administration announced that it is negotiating with the transitional government in Venezuela to acquire a share of the country's vast oil reserves, which are estimated at over 90 billion barrels across more than 12 oil fields. This understanding is part of efforts to boost U.S. oil reserves, which have reached their lowest levels in 40 years. Developing these fields will help double American reserves. Reports indicate that American companies will participate in developing the fields in exchange for ownership stakes, although some companies remain hesitant due to the deteriorating infrastructure and previous risks of expropriation by the prior Kurokasy government. This comes as Washington seeks to increase its influence in the Venezuelan oil sector through investment and greater revenues, even as Venezuela remains the largest country in the world in terms of proven oil reserves.
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