U.S. President Donald Trump has announced that the U.S. is taking control of about one-fifth of Venezuela's oil reserves, according to Reuters:
Trump provided few details about the agreement, only stating that the U.S. has gained control over the majority of Venezuela's proven oil reserves, which amount to more than 65 billion barrels, through cooperation with private businesses.
The leader of the South American country welcomed the agreement, stating that it would contribute to the growth of the economy and state revenues.
Venezuela has the largest proven oil reserves in the world, but currently produces only about 1.25 million barrels per day:
