‘Biggest deal in history’: Trump says US to control 65bn barrels of Venezuela oil
President Trump announced a major agreement with Venezuela to secure US control over 65 billion barrels of oil reserves. This follows the US-led removal of President Nicolás Maduro and comes amid domestic pressure regarding high fuel prices.
Why it matters
This deal represents a massive shift in global energy geopolitics and US foreign policy regarding South American resources.
US President Donald Trump on Friday announced what he described as an agreement with Venezuela that would give the US control over 65 billion barrels of the South American country's oil reserves.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 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.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 and drug trafficking.The oil agreement also comes at a difficult time for Trump domestically, with high petrol prices putting pressure on his administration.
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