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

President Donald Trump announced on Friday that his administration has secured a major oil deal with Venezuela, granting the United States majority control over 65 billion barrels of proven petroleum reserves. This monumental agreement is touted as the biggest oil deal in world history, according to Trump. The deal is expected to inject nearly US$100 billion in private investment into Venezuela, as confirmed by US Secretary of State Marco Rubio.

Despite Venezuela being the country with the largest proven oil reserves globally, its government has faced immense pressure and scrutiny from the Trump administration since January, when Nicolas Maduro was ousted and captured. During this time, Delcy Rodriguez, who remained on as interim leader, was expected to adhere to the US directives.

Trump's post on his Truth Social platform revealed that the deal will not only double US oil reserves but also bring numerous high-paying jobs to the Venezuelan people. The US government, through a partnership with private businesses, facilitated the negotiation of this deal, which aims to bolster the already strengthening relationship between Venezuela and the United States.

While the Venezuelan government has yet to confirm the arrangement, it is clear that this transaction will significantly enhance the bilateral ties between the two nations.