President Donald Trump announced what he calls the “biggest oil deal in world history,” securing majority U.S. control over more than 65 billion barrels of proven Venezuelan oil reserves. The agreement covers 17 strategic oilfields and involves private-sector investment to revive Venezuela’s struggling petroleum industry. Washington expects the deal to expand crude supplies and help reduce fuel prices, while Venezuela says it could boost production, investment, government revenues and economic recovery over the coming years.
Statement from white house
In a bombshell announcement, President Trump declared that the United States has entered into the biggest oil deal in world history. At his direction, Secretary of State Marco Rubio and Secretary of Defense Pete Hegseth — working with Venezuela’s Interim President Delcy Rodriguez and through a partnership with private business — secured majority U.S. control of more than 65 billion barrels of proven oil reserves in Venezuela at no cost to the American taxpayer. The deal more than doubles American oil reserves, greatly increases domestic oil supply, and is projected to substantially lower gas prices for Americans long into the future, while setting Venezuela on a course toward prosperity. The administration called it a Historic Transaction that strengthens the growing relationship between Venezuela and the United States.