US and Venezuela reach 'historic' oil deal, Trump says

President Donald Trump announced a historic deal between the United States and Venezuela to control over 65 billion barrels of the South American nation's oil reserves. This significant transaction more than doubles American oil reserves, significantly expands the nation's oil supply, and is expected to lower gas prices for all Americans, according to the President.

The deal was reached after the US seized Venezuela's former President Nicolás Maduro earlier this year. Trump promised to utilize Venezuela's vast oil reserves, the world's largest at an estimated 303 billion barrels, which have seen a decline in production since their peak in the late 1990s.

Secretary of State Marco Rubio hailed the deal as a "huge win for both the American and Venezuelan people." The agreement is set to bring nearly $100 billion in private investment, create thousands of high-paying jobs, and aid in reconstructing Venezuela's economy, as stated by Rubio.

Though details of the deal remain undisclosed, Trump confirmed that it was finalized through a partnership with private businesses, with US Treasury Secretary Mike Pompeo and Defense Secretary Pete Hegseth playing a role in the negotiation. Trump emphasized that the agreement took place "at no cost to the American taxpayer."

Earlier this month, Maduro and his wife were arrested in a military operation authorized by Trump. Following the raid, the President stated that his administration would manage Venezuela until a "safe, proper and judicious transition" could be implemented. Trump vowed to control the country's oil sales indefinitely, aiming to restore the nation's oil industry with at least $100 billion in investments from US oil firms.