United States and Venezuela reach major energy and geopolitical agreement

The United States and Venezuela have announced a landmark agreement granting Washington control over approximately 20% of Venezuela's oil reserves, specifically targeting 17 fields with a capacity of 65 billion barrels. U.S. Energy Secretary Chris Wright arrived in Caracas on Tuesday to finalize further agreements, which officials project will more than double Venezuelan oil production in the coming years. The deal has received backing from the Venezuelan National Assembly and the military.

Analysts describe the move as an implementation of the "Monroe doctrine" update, termed the "Donroe" doctrine, aimed at reasserting U.S. hegemony in the Western Hemisphere and displacing Chinese influence. While the agreement is intended to bolster U.S. energy security and reduce dependence on the Middle East, experts suggest it will take time to manifest, and prices at the pump are unlikely to drop in the immediate future. Venezuela holds the world's largest oil reserves, exceeding 300 billion barrels, though current production remains limited to about 1.2 million barrels per day compared to a historic peak of over 3 million.