Trump says US enters deal with Venezuela for control of 65bn barrels of oil reserves
President Donald Trump said Friday that his administration has entered a sweeping agreement with Venezuela that, if realized, could give the U.S. access to vast amounts of the South American country´s untapped oil reserves, at cost. Trump in a social media post announcing the agreement said it was negotiated by Secretary of State Marco Rubio, […]
The US has entered a deal with Venezuela that could give it access to vast amounts of the South American country's untapped oil reserves. According to President Donald Trump, the agreement was negotiated by Secretary of State Marco Rubio, although the Qatar Tribune Business report also mentions Defense Secretary Pete Hegseth and Venezuela's acting President Delcy Rodríguez as negotiators, while the Daily Times does not.
The deal involves the development of 17 fields with a proven potential of 65 billion barrels of oil, according to Rodríguez's government. The agreement could draw $100 billion in investment into Venezuela's oil industry and yield over $209 billion in taxes for Caracas, as per the Qatar Tribune Business report.
The deal allows the US to partner with a private operator in Venezuela to create a new private company to take hold of the reserves. Rodríguez granted the company 100-year rights to develop the oil fields, according to a US official. Rodríguez predicted the deal "will have a significant impact on our nation's revival."
Brief written by urgent.news from Daily Times, Qatar Tribune Business — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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- Trump announces ‘biggest oil deal’ with Venezuela qatar-tribune.com
