Trump says US is taking partial control of Venezuela's oil reserves
The United States has struck a deal with Venezuela to secure "majority US control" of more than 65 billion barrels of Venezuelan oil, according to Donald Trump.
President Donald Trump announced on Friday that the United States has reached an agreement with Venezuela to take majority control of over 65 billion barrels of Venezuela's oil reserves, as reported by the Associated Press. The deal is described by Mr. Trump as "the biggest oil deal in world history" and was arranged through a partnership with private businesses.
The White House has not disclosed the names of these private sector partners or the specifics of how the arrangement will work. Secretary of State Marco Rubio and Secretary of War Pete Hegseth worked closely with interim President of Venezuela, Delcy Rodriguez, to secure the agreement.
The White House emphasized that the deal will not cost the American taxpayer anything and will lead to $100 billion in private investment into Venezuela, potentially resulting in lower gas prices in the United States. This announcement comes nine months after the U.S. military captured then-President Nicolás Maduro and transported him to the U.S. to face narcoterrorism and drug trafficking charges.
The country has been grappling with political instability and a significant drop in oil production due to poor infrastructure. Venezuela is estimated to have 303 billion barrels of proven oil reserves, accounting for about 17% of the world's supply.
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