On Friday, President Donald Trump announced an unprecedented US plan to take control of one-fifth of Venezuela's vast oil reserves, betting that US companies would be able to revitalize the OPEC country's ailing energy sector while also providing a new source of oil to help lower fuel prices in the US.

Trump provided few details about the agreement, stating only that the US had secured majority control over more than 65 billion barrels of Venezuela's proven oil reserves through a partnership with private companies.

"At my direction, Secretary of State Marco Rubio, and Secretary of War Pete Hegseth, working closely with Highly Respected Interim President of Venezuela, Delcy Rodriguez, and, through a partnership with private business, have secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer", Trump wrote on Truth Social.

Sources told Reuters that a lease model is being considered, under which the fields could potentially be auctioned off to US producers. However, the agreement could face legal and constitutional challenges in Venezuela, where the state retains control over key activities in the oil industry.

Trump did not disclose the structure of the agreement, the fields or companies involved, or how the United States would exercise majority control over the reserves. A list seen by Reuters shows that the fields are located in the Orinoco Belt and Lake Maracaibo regions.

Rubio called the agreement a victory for both countries and said on X that it would secure stable and inexpensive oil for the United States and help lower gas prices. He stated that the agreement will bring nearly $100bn in private investment to Venezuela, support thousands of well-paying jobs, and help revive the country's economy.

(Reuters, im)