US strikes deal to control more than 65 billion barrels of Venezuela's oil reserves
Trump has long been candid about his desire for the US to secure Venezuelan oil and has urged oil companies to invest in the South American nation.
The US has reached a deal with Venezuela's interim government to control more than 65 billion barrels of the country's proven oil reserves. According to President Donald Trump, the agreement was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and Venezuela's interim President Delcy Rodriguez, through a partnership with private business.
The deal, described by Trump as "the biggest oil deal in world history," more than doubles American oil reserves and will substantially lower gas prices for Americans, he claimed. Venezuela's interim President Delcy Rodriguez hailed the agreement as one that would help her nation's economic revival.
The arrangement is structured through a joint venture between the US government and a private operator based in Venezuela. According to a US official, Rodriguez granted the company 100-year concessions over fields containing some 63 billion barrels, with Washington set to control 55% of effective output. The US claims the deal was secured at no cost to the American taxpayer.
Brief written by urgent.news from Euronews, The Mainichi, KahawaTungu, MercoPress, Dawn — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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