Trump announces deal with Venezuela to secure more than 65 billion barrels of oil reserves
The U.S. struck a deal with Venezuela to get majority control of more than 65 billion barrels of oil reserves, Trump said in a social media post.
The US has reached a deal with Venezuela to gain majority control of over 65 billion barrels of oil reserves, according to President Donald Trump. In a social media post, Trump described the agreement as the biggest oil deal in history, which would more than double American oil reserves and increase the US oil supply.
The deal was facilitated by Secretary of State Marco Rubio and Secretary of War Pete Hegseth, who worked with Venezuela's interim president, Delcy Rodriguez, and private businesses. Trump stated that the transaction would come at no cost to US taxpayers and would substantially lower gas prices for Americans.
The announcement comes as global energy markets face supply disruptions, and ahead of the US midterm elections, with gasoline prices and inflation among the issues facing the Trump administration, according to Investing.com. No further details on the structure of the agreement or the private companies involved were provided by Trump.
Brief written by urgent.news from CNBC World, CNBC, Investing.com — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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