After the arrest of Nicolás Maduro, the control of Venezuela is now in the hands of the United States. Taking advantage of that, Trump's country made a new agreement with Venezuela. Through which the US has taken control of Venezuela's estimated oil reserves of more than 65 billion barrels. For example, India imports 1.6 billion barrels of crude oil every year from abroad. That is, 65 billion barrels is equivalent to 40 years of India's oil imports.
According to the sources of the US State Department, according to the agreement, the entire project will be managed from now on with the cooperation of a private company working in Venezuela. America will get 55 percent of the oil produced from this partnership. However, the name of that organization is yet to be revealed. US President Donald Trump is very excited after the occupation of Venezuela and the completion of the agreement. He wrote on social media, 'The world's biggest deal with Venezuela has been completed. Venezuelan President Delsy Rodriguez also called it a 'historic agreement'.
After the arrest of Nicolás Maduro, the control of Venezuela is now in the hands of the United States. Taking advantage of that, Trump's country made a new agreement with Venezuela.
Note that currently Venezuela has the largest oil reserves in the world. The amount of which is more than 300 billion barrels. The 65 billion barrels of oil that Trump is talking about putting US under control is about one-fifth of Venezuela's total reserves. But despite Venezuela's vast oil reserves, production there is extremely low. The country's oil industry has long suffered due to economic crisis, lack of investment and US sanctions. The deal will certainly boost Venezuela's oil production, but much of it will go to America. However, the most important aspect of the agreement is still unclear. It remains unclear whether the US will own Venezuela's 65 billion barrels of oil, or just a larger share of its production.
Meanwhile, President Rodríguez said, 'Venezuela will restore its 17 oil mines through the agreement. Where there will be an estimated investment of more than 100 billion dollars. With this step, Venezuela will be able to collect 209 billion dollars in taxes. According to the president, we will use this oil reserve for the development of the country. However, although it is not yet clear through which company this oil will be produced, it is assumed that the US company will be behind it.