Trump announces deal for huge US stake in Venezuelan oil reserves
The deal would reportedly more than double US oil reserves at a time when the US strategic petroleum reserve is at a 40-year low.
US President Donald Trump announced a monumental oil deal with Venezuela on Friday, granting the United States majority control over 65 billion barrels of proven petroleum reserves. Trump hailed the agreement as "the biggest oil deal in world history" and claimed it would bring nearly $100 billion in private investment to Venezuela.
According to US Secretary of State Marco Rubio, the deal will stimulate nearly $100 billion in private investment, create thousands of high-paying jobs, and aid in the reconstruction of Venezuela's economy. The deal, brokered by Trump, Rubio, and Defense Secretary Pete Hegseth, involves private companies -- including American firms -- developing the oil fields and returning the profits to Venezuela.
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