Trump announces deal for huge US stake in Venezuelan oil reserves

US President Donald Trump announced a historic oil deal with Venezuela on Friday, granting the United States majority control of 65 billion barrels of proven petroleum reserves. This unprecedented agreement is touted as the biggest oil deal in world history, according to Trump. The deal is expected to bring nearly US$100 billion in private investment to Venezuela, with additional tax revenue surpassing US$209 billion, as stated by US Secretary of State Marco Rubio.

Interim Venezuelan leader Delcy Rodríguez hailed the deal, emphasizing the potential economic benefits for the nation. Venezuela, the world's largest oil producer, has faced intense pressure under the Trump administration since the ousting of President Nicolás Maduro in January. Trump's administration has long sought to secure Venezuela's oil reserves, with the deal projected to more than double US oil reserves.

US officials confirmed talks on a dozen productive oil fields with 90 billion barrels of proven reserves, comprising a third of Venezuela's total reserves. In exchange for a US ownership stake, private companies would develop the fields and return oil revenues to Venezuela. While the deal aims to lower gasoline prices for US citizens, skepticism remains due to Venezuela's poor infrastructure and past government practices.