Trump Announces "Biggest Oil Deal In World History" With Venezuela

US President Donald Trump announced a deal with Venezuela, calling it the "biggest oil deal in world history". The agreement gives the US majority control of 65 billion barrels of proven oil reserves. Trump said the deal was negotiated by US Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and Venezuelan interim President Delcy Rodriguez, through a partnership with private business.

According to Trump, the deal will come at "no cost to the American taxpayer" and will more than double US oil reserves. He also claimed it would drive down domestic gasoline prices and help recover Venezuela's economy. The average US gasoline price is currently around $4.09 per gallon, up from $3.21 a year earlier.

The deal is expected to generate significant revenue for Venezuela, with estimates ranging from $100 billion to $209 billion. The Venezuelan government has not immediately confirmed the arrangement. The US military captured Venezuela's president Nicolas Maduro and spirited him to the United States nearly nine months ago, at Trump's direction.

Brief written by urgent.news from NDTV, Tempo.co English, Malay Mail, Hindustan Times - World News, Live Mint — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.