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Trump Announces U.S. Control of Venezuela Oil · GNN Daily Breaking News

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  Speaker 1: President Donald Trump has declared that the United States is
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  Speaker 1: assuming partial control of Venezuela's massive oil reserves, a move
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  Speaker 1: that could reshape global energy markets and intensify political tensions
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  Speaker 1: across Latin America. Speaking from the White House, Trump said
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  Speaker 1: the arrangement was part of a broader deal with Venezuela's
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  Speaker 1: interim government, granting US companies long-term access to some of
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  Speaker 1: the world's largest crude deposits. According to administration officials, the
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  Speaker 1: agreement covers roughly 90 billion barrels of proven reserves in
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  Speaker 1: the Orinoco Belt and Lake Maracaibo, areas previously operated under
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  Speaker 1: contracts with Chinese firms during Nicolas Maduro's rule. Trump described
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  Speaker 1: the deal as historic, insisting it would secure American energy
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  Speaker 1: supplies for generations while providing Venezuela with investment and stability.
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  Speaker 1: The announcement follows months of negotiations led by Secretary of
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  Speaker 1: State Marco Rubio and Venezuela's acting President Delcy Rodriguez. Reports
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  Speaker 1: suggest the pact involves century-long leases, effectively locking in U.S.
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  Speaker 1: access to Venezuelan oil fields. While Trump framed the deal
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  Speaker 1: as a win for both nations, critics warn it raises
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  Speaker 1: serious constitutional and sovereignty issues in Caracas, where hydrocarbons are
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  Speaker 1: legally reserved for state control. Reaction has been swift. In Venezuela,
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  Speaker 1: opposition leaders welcomed the prospect of foreign investment but cautioned
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  Speaker 1: against surrendering national resources. Some lawmakers argue that granting foreign
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  Speaker 1: control over oil reserves could spark backlash among citizens who
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  Speaker 1: view petroleum as a symbol of sovereignty. In Washington, members
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  Speaker 1: of Congress have already signaled plans to scrutinize the deal,
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  Speaker 1: questioning whether the executive branch has authority to secure such
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  Speaker 1: sweeping commitments without legislative approval. The timing is significant. Venezuela's
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  Speaker 1: oil output has risen sharply since Maduro's ouster in January,
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  Speaker 1: climbing to 1.25 million barrels per day, with nearly half
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  Speaker 1: flowing to the United States. Global energy markets remain strained
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  Speaker 1: by wars in Iran and Ukraine, while America's Strategic Petroleum
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  Speaker 1: Reserve is at historic lows. Analysts say the U.S.-Venezuela pact
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  Speaker 1: could stabilize import costs but also disrupt OPEC dynamics, particularly
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  Speaker 1: if Venezuela withdraws from the cartel to deepen ties with Washington.
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  Speaker 1: For the United States, the deal promises energy security and
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  Speaker 1: reduced reliance on unstable suppliers. For Venezuela, it offers investment
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  Speaker 1: and revenue but risks domestic controversy. For global markets, the
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  Speaker 1: agreement could shift the balance of power within OPEC and
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  Speaker 1: influence oil prices worldwide. As Trump's announcement reverberates, the deal
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  Speaker 1: stands as one of the most consequential energy agreements in
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  Speaker 1: recent history, a test of how geopolitics, economics, and constitutional
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  Speaker 1: law intersect in the pursuit of oil.