USA and Venezuela sign oil deal giving Washington control over 65+ billion barrels

The United States and Venezuela have signed an oil agreement giving Washington control over more than 65 billion barrels of oil. Chevron announced it will invest $7 billion over five years and more than double production in the country to 600,000 barrels per day by 2031. As part of the deal, key oil fields previously operated by Chinese companies and a Russian state entity have come under U.S. control. Italy's Eni has also signed a 25-year contract with state-owned PDVSA, becoming the exclusive operator of the Junín-5 field in the Orinoco Belt, with reserves estimated at 35 billion barrels. Current production there is only 12,000 barrels per day.