U.S. Eyes Venezuela’s Oil Reserves | Toronto News

Toronto News Today | 2 Min News | The Daily News Now! · Aug 29, 2026 · 1m

The U.S. under Trump has secretly struck a deal to seize a massive 65 billion barrel oil stake in Venezuela, sparking global intrigue and economic ripple effects. While Venezuela’s acting leader touts it as a path to economic revival, the real details remain murky — no official terms, no timeline, no clear funding plan. Experts warn gas prices won’t drop anytime soon, as rebuilding Venezuela’s oil infrastructure will take years and billions. Meanwhile, Canada’s oil industry braces for a blow — with Venezuela’s potential output threatening to undercut Canadian crude’s value and market share…