US strikes deal to control 65 billion barrels of Venezuela's oil reserves, Trump says

# Why This Matters If confirmed, this arrangement would represent a dramatic reversal of US-Venezuela relations and a significant geopolitical win for the Trump administration, potentially securing access to one of the world's largest proven oil reserves at a time when global energy markets remain volatile. Control over Venezuelan crude could reduce American dependence on Middle Eastern oil and OPEC pricing leverage, while simultaneously weakening the financial foundation that has sustained the Maduro government's hold on power—making this as much a sanctions mechanism as an energy strategy. The deal would also reshape hemispheric dynamics, signaling to other left-leaning Latin American governments that alignment with Washington carries tangible consequences, while emboldening regional rivals of Venezuela who have long sought to isolate Caracas. For global markets, access to such vast reserves could moderate oil prices and provide a counterweight to production cuts by Saudi Arabia and Russia, though the practical extraction and export of Venezuelan crude remains technically challenging given years of underinvestment and US sanctions infrastructure.