United Sates eyes 65-billion-barrel Venezuela reserve

The United States is seeking to create what Vice-President J.D. Vance described as an effective 65-billion-barrel oil reserve through a new arrangement with Venezuela, with American companies expected to develop production and US taxpayers receiving part of the royalties.

Vance presented the agreement as a way to increase global oil supplies, reduce prices and strengthen energy security at a time when Iranian attacks on commercial



shipping have disrupted markets.

“We’re using, of course, that successful Venezuela operation and some of the friendships and some of the relationships that have developed in the wake of that operation, to create what is effectively a new 65 billion barrel of oil reserve for the United States of America,” Vance told a White House press briefing. Vance said private American companies would enter Venezuela and generate substantial oil revenue.