Trump seals deal to control 65 billion barrels of Venezuela's oil
The United States announced Friday it will take majority control of a Venezuelan oil joint venture. It will control 65 billion barrels of oil, more than doubling American reserves.
Why it mattersOil prices have spiked globally due to the Iran war. Increased Venezuelan oil reserves could help steady the world's oil supply.
AustraliaGlobal oil supply disruptions from the Iran war affect Australian fuel prices and shipping costs; a Venezuelan deal could help stabilise international energy markets affecting Australian consumers.
✓ Claims checked against the source and corrected before publish. checked 2 h ago
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