Trump hails ‘historic’ deal for US to control 65bn barrels of Venezuela’s oil
The US has reached a deal with Venezuela to control more than 65 billion barrels of its proven oil reserves, President Donald Trump announced.
President Donald Trump announced a historic deal with Venezuela to control more than 65 billion barrels of the South American nation's proven oil reserves. The agreement, which Trump claimed would significantly increase American oil supplies and lower gas prices, would see the United States take over the management of Venezuela's largest oil reserves.
Trump stated that the deal would result in nearly $100 billion in private investment and thousands of high-paying jobs for Venezuelans. The deal also requires an investment of over $100 billion and over $209 billion in taxes for the Venezuelan State. In return, the US government will retain 55% control of a joint venture with a private operator in Venezuela.
The deal comes in the wake of Trump ordering the seizure of then-President Nicolás Maduro and his wife, Cilia Flores, in a special forces operation. Trump claimed the rights to Venezuela's oil after alleging that the country had in the past "unilaterally seized and sold American oil, American assets and American platforms, costing us billions and billions of dollars."
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