What happened
On Aug 28, President Trump announced on social media that the US had reached an agreement with Venezuela, obtaining 'majority control' of more than 65 billion barrels of Venezuela's proven oil reserves through cooperation with private companies.
Trump claimed the deal would more than double US oil reserves, significantly boost supply, and lower US gasoline prices for a long time, but he did not disclose the agreement's specifics and the White House has not released an official statement.
The announcement drew sharp criticism from experts and online users, with some calling it robbery, 'blatant theft' of Venezuelan oil, colonialism, and piracy.
Why it matters
The reported deal would represent an unprecedented transfer of control over another country's oil wealth, but it faces potential legal challenges and could be affected by political changes in both the US and Venezuela.
Experts questioned its feasibility, noting that most major oil companies do not see Venezuela as an attractive place to invest and that moving capital and staff there would be difficult.
Critics also raised constitutional and sovereignty concerns, with one economist urging Venezuela's parliament to refuse to hand over the country's oil wealth, especially under the threat of force.
Key facts
Trump announced on Aug 28 a US-Venezuela agreement covering more than 65 billion barrels of proven oil reserves.
Under the deal, the US would gain 'majority control' of those reserves via collaboration with private companies.
The White House has not issued official information, and the specific terms of the agreement were not disclosed.
Critics described the deal as robbery, blatant theft, colonialism, and piracy.
An economist urged Venezuela's parliament to reject the agreement, calling it unconstitutional and contrary to the people's interests.
What to watch next
Whether the White House releases official details of the agreement, as none have been provided so far.
Potential legal and constitutional challenges in both countries, and how Venezuelan institutions respond to pressure.
Whether major oil companies actually take part, given skepticism about investing in Venezuela under current conditions.