Trump announces ‘biggest oil deal in world history’ with Venezuela

US president says deal secures majority US control of more than 65 billion barrels of proven oil reserves in Venezuela. The United States has struck a deal with Caracas that would give them control of some 65 billion barrels of Venezuela’s proven oil reserves, President Donald Trump has announced, while reviving the OPEC nation’s battered energy industry.

In a post on Truth Social, Trump said the “historic transaction more than doubles American oil reserves” and “will substantially lower gas prices for all Americans”. Talks between government and opposition mark a new chapter for Venezuela US refineries taking in half of Venezuela’s oil output, official says US nears deal to secure stake in Venezuelan oil fields, insiders say “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 US control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer,” Trump wrote. Venezuela’s interim President Delcy Rodriguez welcomed the deal [File: Efrain Gonzalez/AFP]Venezuela’s interim President Delcy Rodriguez welcomed the deal, which is expected to bring about $209bn to the state’s treasury.

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