Trump announces expanded US role in Venezuela’s oil sector

US President Donald Trump has announced that the US has secured majority control of more than 65 billion barrels of Venezuela's proven oil reserves. According to Trump, the arrangement was reached through a partnership with private business and will cost American taxpayers nothing. The deal is expected to more than double American oil reserves and increase the US oil supply, which Trump claims will substantially lower gas prices for all Americans.

The agreement was reached between Trump's administration, specifically Secretary of State Marco Rubio and Defence Secretary Pete Hegseth, and Venezuela's interim President Delcy Rodriguez. Rubio described the deal as "a huge win for both the American and Venezuelan people", stating it will bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela's economy, according to the KahawaTungu and MyJoyOnline Ghana reports.

Venezuela's interim President Delcy Rodriguez welcomed the agreement, hailing it as one that would help her nation's economic revival. The country's oil reserves are the world's largest, but production is currently only about 1.25 million barrels per day, far below its potential, as per the Dawn report.

Brief written by urgent.news from Daily Times, KahawaTungu, Dawn, MyJoyOnline Ghana, The Island Sri Lanka — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.