The US government secured a 35% stake in a Venezuelan oil venture. This stake was structured as warrants to protect against capital raises. The arrangement ensures the US realizes full project value without dilution. The deal also grants the US rights to purchase oil output. This pact aims to align Venezuela's energy sector with US interests.

Venezuela's parliament has approved handing the US control of a fifth of its oil reserves, cementing Washington's grip on a government it helped install after toppling President…

US officials denied accusations that the deal was holding Venezuela for ransom, stressing that it is mutually beneficial deal for all, developing an unutilised underground asset.