Venezuela confirms ‘historic’ US oil deal covering 65 billion barrels

Venezuela has signed a major oil deal with the United States, giving Washington majority control of 65 billion barrels of proven petroleum reserves. According to Venezuela's interim leader Delcy Rodriguez, the "historic" agreement will have a significant impact on the country's rebirth and could draw more than $100 billion in investment into Venezuela's oil industry, yielding over $209 billion in taxes for Caracas.

The deal, announced by US President Donald Trump, involves the development of 17 fields and was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and Rodriguez. Trump described the agreement as "the biggest oil deal in world history" and said it would "more than double American oil reserves, greatly increase our oil supply, and substantially lower gas prices for all Americans."

The agreement is expected to bring significant economic benefits to Venezuela, with Rodriguez predicting it will have a major impact on the country's economy. According to Rubio, the deal will bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela's economy.

Brief written by urgent.news from Malay Mail, The Japan News by The Yomiuri Shimbun, NPR, The Korea Times, BBC World — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.