Trump Says US Has Entered Deal with Venezuela to Take Control of 65 Billion Barrels of Oil Reserves
WASHINGTON (AP) — 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.
President Donald Trump announced Friday that the United States has reached a major agreement with Venezuela, potentially granting access to the South American nation's vast oil reserves. The deal, negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and Venezuela's acting President Delcy Rodríguez, could yield 65 billion barrels of oil, according to the Venezuelan government.
If executed, the agreement could bring in $100 billion in investment and over $209 billion in taxes for Venezuela. In return, the U.S. would secure 55% of the output from the new private company, which would be granted 100-year rights to develop the oil fields. The company would be the second-largest corporate holder of proven reserves after Saudi Aramco.
Trump emphasized the deal's potential to reshape the global oil market and benefit both American and Venezuelan people. However, some experts caution that significant production increases will take years due to infrastructure challenges and political instability. The agreement comes amid rising U.S. gas prices and ongoing tensions with Iran.
Written by urgent.news from The Japan News by The Yomiuri Shimbun's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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