Trump says US is taking partial control of Venezuela's vast oil reserves, but offers few details about agreement

US President Donald Trump said on Friday that Washington has moved to take partial control of roughly a fifth of Venezuela's oil reserves, according to Dawn. He argued that American firms could restore the OPEC member's battered energy sector while supplying crude that may help lower fuel prices in the United States. Trump offered little detail, but said Washington had gained a controlling interest in reserves of over 65 billion barrels via private-sector partners.

Venezuela's interim leader, Delcy Rodriguez, welcomed the agreement and said it would boost the economy and state revenue. Secretary of State Marco Rubio called the deal a win for both countries, citing close to $100 billion of private money and thousands of jobs. Officials are also due to sign deals next week, opening exploration and output rights to several firms, mostly American.

Analysts said they need more details on the legal and financial structure before judging whether the deal can draw significant investment. Dawn, citing Reuters sources, reported that a lease-based approach is being weighed, though the arrangement may run into legal and constitutional hurdles in Venezuela. Trump did not disclose the structure, the fields or the companies involved, and it remains unclear whether gasoline prices will fall soon, since the infrastructure needed could take years to build.