An unprecedented deal between the U.S. and Venezuelan governments underscores Washington's ability to use economic and political leverage to reshape Venezuela's oil sector and secure preferential access to its resources, but significant uncertainty over the agreement's commercial terms, legal basis and political sustainability will expose companies to future litigation risks and policy reversals amid backlash. U.S. President Donald Trump announced on Aug. 28 that the United States had secured "majority control" of more than 65 billion barrels of Venezuela's proven crude reserves. The agreement covers roughly 22% of the country's stated total reserves across 17 oil fields, mainly in the Orinoco Belt and Lake Maracaibo. Despite scarce details provided so far, the arrangement appears to concern operating and development rights and control of production, rather than a transfer of ownership of the underlying reserves.