NewzUS president Donald Trump has made no secret of his desire to secure Venezuelan oil for the US and described the agreement as 'the biggest oil deal in world history'. (EPA Images pic)WASHINGTON: President Donald Trump said Friday his administration has reached a huge oil deal with Venezuela that gives the US majority control of 65 billion barrels of proven petroleum reserves.The deal -- which Trump proclaimed as "the biggest oil deal in world history" -- will bring nearly US$100 billion in private investment to Venezuela, US secretary of state Marco Rubio said.Venezuela has the world's largest proven oil reserves. Its government has operated under intense pressure and close scrutiny from the Trump administration since the US ousted and captured long time ruler Nicolas Maduro in January.
It allowed his then vice president, Delcy Rodriguez, to stay on and serve as interim leader so long as she toes the US line.Trump has made no secret of his desire to secure Venezuelan oil for the US, and in his post announcing the deal on his Truth Social platform, he said it will more than double US oil reserves.There was no immediate confirmation of the arrangement from the Venezuelan government.Trump said secretary of state Marco Rubio and defence secretary Pete Hegseth had reached the deal with Rodriguez "through a partnership with private business"."This Transaction will greatly strengthen the already growing relationship between Venezuela and the United States!" Trump wrote.Rubio said the deal demonstrated how "President Trump's bold foreign policy is driving America First wins: securing stable reserves and low-cost oil in our Hemisphere and lowering gas prices here at home"."For the Venezuelan people, this deal will bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela's economy," the top US diplomat wrote on X, without providing further details.The news site Axios reported Thursday the two countries were in talks on a dozen productive oil fields with 90 billion barrels of proven reserves -- about a third of Venezuela's total proven reserves of 300 billion barrels. Axios quoted two US officials.In return for a US ownership stake, private companies, including American firms, would develop the fields and return more oil revenue to Venezuela, according to Axios.Axios also said the deal would more… President Trump said Friday evening that there will be “majority U.S.
control” of a large swath of Venezuela’s oil reserves. “BREAKING NEWS: The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!” Trump wrote in a post on Truth Social. Donald Trump says the US has entered an agreement with Venezuela to take control of 65 billion barrels of the South American country’s oil reserves.
Trump claims 'biggest oil deal in world history' signed with Venezuela US president Donald Trump said Washington has accomplished the "biggest oil deal in world history", after entering into an agreement with Venezuela. "At my direction, Secretary of State Marco Rubio, and Secretary of War Pete Hegseth, working closely with Highly Respected Interim President of Venezuela, Delcy Rodriguez, and, through a partnership with private business, have secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer," Trump wrote on Truth Social.
He said the deal "more than doubles American oil reserves, greatly increases our oil supply, and will substantially lower gas prices for all Americans, long into the future, while helping to continue to set Venezuela on a course toward Tremendous Success and Great Prosperity," Trump said. Trump said the deal was negotiated by Secretary of State Marco Rubio, Defence Secretary Pete Hegseth and Venezuela's interim President Delcy Rodriguez. He announced the agreement in a social media post.
The announcement comes almost nine months after the US military, acting on Trump's orders, carried out an operation to capture Venezuela's President Nicolás Maduro. Maduro was taken to the US to face federal charges related to narcoterrorism, drug trafficking.
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