Signing ceremony as US to control a fifth of Venezuela’s oil reserves

U.S. officials and Venezuelan government representatives held a signing ceremony in Caracas to formalize an agreement that will give Washington control over roughly one‑fifth of the country’s oil reserves. The deal, part of a broader strategy to secure access to Venezuela’s vast petroleum assets, is expected to involve joint management of extraction and distribution rights. Analysts note that the arrangement could provide the U.S. with a significant foothold in the region’s energy market, while Venezuela seeks to diversify its partnerships amid ongoing sanctions and economic challenges. The agreement also signals a potential shift in the geopolitical balance of power in Latin America, as other nations monitor the implications for regional stability and energy security.

Signing ceremony as US to control a fifth of Venezuela’s oil reserves.