US and Venezuela agree to develop 65 billion barrels of oil

Trump said the agreement gives U.S. interests a controlling stake in 17 Venezuelan fields holding more than 65 billion barrels of proven reserves, and Venezuela confirmed a deal to develop the fields. This is not a transfer of all Venezuelan oil to the United States: it is a long-term operating venture with an unnamed private company, in which U.S. interests would hold a majority and receive 100-year development rights, according to a U.S. official. Caracas projects more than $100 billion in private investment to repair and expand oil infrastructure, but the companies, funding commitments, and legal terms have not been disclosed. The scale is enormous, yet reserves are oil in the ground, so any real effect on supply or prices depends on whether investors can bring the fields into production.