Trump announces deal for huge US stake in Venezuelan oil reserves

US President Donald Trump announced a major oil deal with Venezuela on Friday, securing majority control of 65 billion barrels of proven oil reserves. The agreement, touted as the largest oil deal in world history, is expected to bring nearly $100 billion in private investment to Venezuela, according to US Secretary of State Marco Rubio.

This significant move comes after Venezuela's government faced intense pressure and scrutiny from the Trump administration since the ousting of President Nicolas Maduro in January. Despite the strained relations, Trump made it clear that securing Venezuelan oil was a top priority for the United States, as he vowed that the deal would more than double US oil reserves.

However, there has been no confirmation from the Venezuelan government regarding the arrangement. Rubio emphasized that the deal would strengthen the relationship between Venezuela and the United States. Additionally, the US administration is optimistic about the potential economic benefits for Venezuelans, with the deal projected to generate high-paying jobs and support reconstruction efforts.

Axios reported that discussions have been ongoing between the two countries regarding a dozen productive oil fields, comprising about a third of Venezuela's total proven reserves of 300 billion barrels. In exchange for a US ownership stake, private companies, including American firms, would develop the fields and contribute more oil revenue to Venezuela.

This deal, touted by Trump as a significant win for his America First foreign policy, could also help lower gasoline prices in the US, a critical issue as his approval ratings decline ahead of the November midterm elections.