US secures majority control of Venezuelan oil reserves – Trump

The United States has secured majority control of 65 billion barrels of Venezuelan oil reserves. According to President Donald Trump, this deal, described as "the biggest oil deal in world history," will bring nearly $100 billion in private investment to Venezuela. The agreement was reached through a partnership with private business, with Secretary of State Marco Rubio and Defense Secretary Pete Hegseth involved in the negotiations with Venezuela's interim leader, Delcy Rodriguez.

The deal is expected to more than double US oil reserves and increase the US oil supply, which could substantially lower gas prices for Americans. Venezuela has the world's largest proven oil reserves, but its production has been limited due to underinvestment, mismanagement, and sanctions. The country's current production stands at about 1.25 million barrels per day.

Interim leader Delcy Rodriguez welcomed the agreement, saying it would have a significant impact on Venezuela's economic revival and could generate over $209 billion in tax revenue for the state. The deal has been hailed as a win-win for both the American and Venezuelan people, with Secretary of State Marco Rubio stating that it will support thousands of high-paying jobs and drive the reconstruction of Venezuela's economy.

Brief written by urgent.news from Punch, Punch Nigeria, Dawn, Gulf News, MyJoyOnline Ghana — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.