Washington would gain majority control of a new oil venture, making it the world’s second-largest holder of proven reserves after Saudi Aramco.Emel Akan
Senior ReporterA new deal with Venezuela that gives the United States majority control of more than 65 billion barrels of proven oil reserves is expected to reshape global oil markets and give Washington significant control over oil prices.U.S. President Donald Trump described the pact as “the biggest oil deal in world history.”
Although many details remain unclear, here is what has emerged so far and how observers are responding to the deal announced on the evening of Aug. 28.
Inside the Financial Structure of the Deal
Under the agreement, the U.S. government will form a joint venture with an unnamed private busi
