Trump announces US control over 65bil barrels in Venezuelan oil reserves

U.S. President Donald Trump announced on Friday that his administration has reached a monumental oil agreement with Venezuela, granting the United States majority control over 65 billion barrels of proven petroleum reserves. In a statement, Trump hailed the deal as the largest oil deal in world history, projecting it to inject nearly $100 billion in private investment into Venezuela.

The secretary of state, Marco Rubio, informed that the arrangement will create roughly 100,000 jobs and aid in Venezuela's economic revival. Venezuela, the nation boasting the world's greatest oil reserves, has been subjected to intense pressure and scrutiny from the Trump administration since January, following the ousting and capture of the previous leader, Nicolas Maduro.

The interim leader, Delcy Rodriguez, was retained, provided she adhered to the U.S.'s policies. The deal has not yet been officially confirmed by the Venezuelan government. Trump highlighted that the transaction will more than double the U.S.'s oil reserves, which are currently at a 40-year low. He also emphasized that the deal will lower gas prices for Americans, an issue that has become increasingly relevant as Trump's approval ratings decline ahead of the November midterm elections.

Despite some apprehensions due to Venezuela's underdeveloped infrastructure and history of asset seizures by the Caracas government, several U.S. oil firms have expressed interest in investing in the country, with Chevron leading the pack.