Current Affairs - International - Discussion

Venezuela holds the world’s largest proven oil reserves, estimated at more than 300 billion barrels. On August 29, 2026, the United States secured majority control over 65 billion barrels of proven Venezuelan oil reserves through a historic agreement. The deal aims to provide US refineries with stable, low-cost crude supplies while enabling long-term access for American companies to Venezuelan oilfields. It is expected to generate around $209 billion for Venezuela’s state treasury and attract nearly $100 billion in private energy-sector investment. Venezuela’s capital is Caracas, and the country is also one of the five founding members of OPEC, established in 1960.