Trump announces new US oil agreement with Venezuela

US President Donald Trump announced a new oil agreement with Venezuela on Friday, stating that the US will have "majority" control of 65 billion barrels of proven oil reserves in the South American country. The terms of the agreement have yet to be finalized, but Trump claimed it was brokered "through a partnership with private business" by his Secretary of State Marco Rubio and Defense Secretary Pete Hegseth.

According to Trump, the deal will more than double American oil reserves and be a "huge win" for both the American and Venezuelan people. However, the administration has not disclosed specific details about the agreement, such as the involved fields or companies, or how the US would exercise majority control over the reserves.

Venezuela is estimated to have 303 billion barrels of proven oil reserves, the largest in the world. Since President Nicolás Maduro was removed from power in January, the US has been attempting to secure a steady supply of Venezuelan crude oil for US refineries while promoting American investment in the country's struggling energy industry, which currently produces 1.25 million barrels of crude per day.

The White House faces pressure ahead of the November midterm elections due to rising gasoline prices, which could potentially be alleviated through cheaper oil supplies and increased production. Additionally, the US is exploring ways to replenish its strategic petroleum reserve, including crude swaps with American producers.

Earlier reports suggested that the Trump administration was in advanced talks with Venezuela for the US to take a direct stake in more than a dozen oilfields, which together hold nearly one-third of the country's energy reserves. This potential deal, reportedly valued at billions, has caused concern and outrage among members of Venezuela's opposition, who argue that it represents a "land grab" and a lack of genuine political change.