Trump announces ‘biggest oil deal in world history’ with Venezuela

President Donald Trump announced a monumental oil deal with Venezuela, granting the United States control over approximately 65 billion barrels of the country's proven oil reserves. This historic transaction, detailed on Trump's Truth Social platform, aims to significantly bolster American oil reserves and reduce gas prices for all citizens.

The deal, secured through a partnership between the US government and private businesses, was facilitated by Secretary of State Marco Rubio, Secretary of War Pete Hegseth, and Venezuelan Interim President Delcy Rodriguez. The deal is projected to inject $209 billion into Venezuela's treasury. While negotiations have been ongoing for weeks, the agreement will grant American companies long-term access to Venezuelan oilfields, ensuring a steady supply of crude oil to the US.

Although Venezuelan officials are set to sign agreements granting new oil exploration rights to numerous companies, particularly US firms, the arrangement may face legal and constitutional hurdles in Venezuela, where the state maintains control over key oil industry aspects.