Trump announces new US oil agreement with Venezuela

US President Donald Trump announced a new oil agreement with Venezuela, stating that the US will have "majority" control of 65 billion barrels of proven oil reserves. According to Trump, the agreement was brokered by his Secretary of State, Marco Rubio, and Defence Secretary, Pete Hegseth, in partnership with private business and Venezuela's interim President, Delcy Rodriguez.

The agreement, described by Trump as having been secured "at no cost to the American Taxpayer", is said to more than double American oil reserves. The Jerusalem Post reported that the US has been trying to secure a stable flow of Venezuelan crude for US refineries and promote American investment in the country's energy industry, which currently produces around 1.25 million barrels per day of crude.

Trump's announcement comes as his administration faces pressure over rising gasoline prices ahead of midterm elections. The US has also been looking to replenish its Strategic Petroleum Reserve, and has considered crude swaps with US producers.

Brief written by urgent.news from The Guardian US, Jerusalem Post, The Age, The Sydney Morning Herald, South China Morning Post — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.