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

US President Donald Trump has announced a deal with Venezuela to grant the US majority control of over 65 billion barrels of proven Venezuelan oil reserves. According to Trump, the agreement was made at no cost to the American taxpayer and was struck through a partnership with private business.

The deal, which Trump touted as "the biggest oil deal in world history", more than doubles American oil reserves and greatly increases the US oil supply, he said. This, he claimed, will substantially lower gas prices for all Americans.

Trump said the deal was made in collaboration with Venezuela's interim president, Delcy Rodriguez, and involved US Secretary of State Marco Rubio and Secretary of War Pete Hegseth. CBS News reported that the deal is expected to 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 Age, The Sydney Morning Herald, El Pais, CBS News, Middle East Eye — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.