Trump announces 'historic' agreement for US stake in Venezuela oil reserves
Washington and Caracas announced Friday that they had reached a “historic” oil agreement, under which the United States will take majority control of more than 65 billion barrels of Venezuela's reserves.
United States President Donald Trump announced an agreement on Friday granting the country majority control of Venezuela's proven oil reserves. Trump described the deal as the "biggest oil deal in world history," covering approximately 65 billion barrels of petroleum reserves. The agreement could attract nearly $100 billion in private investment into Venezuela.
The United States president stated that the deal would more than double the country's oil reserves. Secretary of State Marco Rubio and Defense Secretary Pete Hegseth were reportedly involved in negotiating the agreement with Venezuela's interim leader, Delcy Rodriguez. Rodriguez confirmed the historic agreement, stating it would play a major role in rebuilding Venezuela's economy, potentially generating over $209 billion in tax revenue.
However, questions remain about the mechanism through which the United States would obtain control of the Venezuelan oil assets.
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