The U.S. is set to take majority control over a huge amount of Venezuela’s oil wealth in an unprecedented maneuver that officials said would create the world’s second-largest private oil company by reserves and secure American petroleum supplies for decades to come.
U.S. President Donald Trump made the announcement about the arrangement in a Truth Social post on Friday night. It represents his latest move to establish U.S. dominance over the Western Hemisphere, countering years of inroads by China, as part of his embrace of the 19th-century Monroe Doctrine.
“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 said.
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