US Takes Strategic Control Over Venezuelan Oil Reserves

Venezuela's parliament approved a landmark deal granting the United States operational control over one-fifth of its massive oil reserves.

In a massive geopolitical shift, the parliament of Venezuela officially greenlit a multi-billion-dollar energy pact with Washington. The agreement hands the United States direct control over approximately 20% of Venezuela's total oil reserves. US President Donald Trump robustly defended the deal, asserting it would shield American consumers from spiking oil prices driven by the active war in Iran. Furthermore, the White House emphasized that the move successfully counters competing Russian and Chinese corporate influence in South America. US Energy Secretary Chris Wright arrived in Caracas to formalize the treaty, prompting major energy conglomerates like Chevron to rapidly announce infrastructure expansion plans.