Signing ceremony as US to control a fifth of Venezuela’s oil reserves

BREAKING: The US is set to control a fifth of Venezuela's oil reserves in what Trump calls the 'biggest oil deal in world history,' with a signing ceremony under way as Energy Secretary Chris Wright visits Venezuela.

The United States is about to control a fifth of Venezuela's oil reserves.

A signing ceremony is under way right now, with Energy Secretary Chris Wright in Caracas to put ink on what Donald Trump is calling the biggest oil deal in world history. Modesty was never really his lane.

And the scale here is genuinely wild. Venezuela sits on the largest proven oil reserves on the planet, bigger than Saudi Arabia's. One fifth of that under American control is not a trade deal, it's a geopolitical rearrangement. Remember, this is the same Venezuela Washington spent years sanctioning into the ground. Now the Energy Secretary is flying in for a handshake, and Chevron already announced seven billion dollars going in this week.

Whatever the fine print says, the direction is unmistakable. Venezuela's oil is coming back into the American orbit, and everyone from Moscow to Beijing just took notice.

This is Sara White, reporting for HIT.