Venezuela's interim president says US energy deal will last 25 years

President Donald Trump on Friday announced plans for the U.S. to take partial control of Venezuela's vast oil reserves, betting that American companies can help revive the South American nation's battered energy industry while providing a new source of crude to help lower U.S. fuel prices.

Trump provided few details on the agreement, saying only that the U.S. had secured majority control of more than 65 billion barrels of Venezuela's proven oil reserves through a partnership with private business.

Venezuela has the world's largest proven oil reserves, but it produces only about 1.25 million bpd - far below its potential - after years of underinvestment, mismanagement and sanctions.

Rodriguez said the agreement could generate about $209 billion in revenue for the Venezuelan state, based on a benchmark oil price of $65 per barrel, though she acknowledged crude prices could fluctuate. She said roughly $19 from each barrel produced and sold under the arrangement would flow directly to Venezuela, providing a significant boost to government revenue.