Trump says U.S. makes deal to control 65 billion barrels of Venezuelan oil reserves
The Trump administration has finalized a deal to develop 17 Venezuelan oil fields, granting the U.S. a 55% stake in a new private entity. The agreement is expected to attract $100 billion in investment.
Why it matters
The deal represents a massive shift in energy geopolitics, potentially creating a new corporate oil giant rivaling Saudi Aramco.
Trump in a social media post announced the agreement he said was negotiated by U.S. Secretary of State Marco Rubio, U.S. Secretary of War Pete Hegseth and Venezuela's interim President Delcy Rodríguez.
"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.
Rodríguez's government in a statement said the deal involves the development of 17 fields with a proven potential of 65 billion barrels. It said the agreement could draw $100 billion US in investment into Venezuela's oil industry and yield over $209 billion US in taxes for Caracas.
Rodríguez in a posting on Telegram predicted the deal "will have a significant impact on our nation's revival."
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