Trump says US has agreed deal with Venezuela to take control of 65 billion barrels of oil reserves

US President Donald Trump has announced that the US has agreed a deal with Venezuela to take control of 65 billion barrels of oil reserves. According to Trump, the deal, described as "the biggest oil deal in world history", was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and Venezuela's interim President Delcy Rodriguez, through a partnership with private business, and at no cost to the American taxpayer.

The deal, Trump claims, will more than double American oil reserves, greatly increase the US oil supply, and substantially lower gas prices for Americans. Trump also stated that the deal will help set Venezuela on a course toward "Tremendous Success and Great Prosperity".

The announcement comes as the US faces high gas prices, with the war in Iran having reached a six-month milestone. The US has tapped its strategic petroleum reserves, which had fallen below 300 million barrels in early August. According to CBS News, Secretary of State Marco Rubio said the deal will bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela's economy.

Brief written by urgent.news from The Sydney Morning Herald, El Pais, CBS News, Middle East Eye, Associated Press — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.