US-Venezuela oil deal promises access to vast reserves amid uncertainty

AP reports a new arrangement giving the US access to Venezuela’s oil reserves, with a claimed 55% of the output for the US, but crucial details like the operator, who funds investments, and the exact ownership split remain unclear. Analysts caution the process will take years and face logistical, political, and market hurdles, while reactions in Venezuela and in Washington are mixed—some praise the potential gain, others decry it as a power play. Major oil players such as Chevron and Exxon declined comment.