Trump announces US control over 65bil barrels in Venezuelan oil reserves
President Donald Trump has announced a major deal with Venezuela to secure majority control over 65 billion barrels of oil reserves. The administration claims the deal will bring $100 billion in private investment to Venezuela and lower gas prices in the US.
Why it matters
This deal represents a significant shift in US energy policy and foreign relations, potentially altering global oil market dynamics.
US 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.
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