US strikes deal to control 65 billion barrels of Venezuela's oil reserves, Trump says
President Donald Trump has announced a major deal with Venezuela to develop 17 strategic oil fields, potentially granting the US access to 65 billion barrels of reserves. The agreement aims to lower domestic gas prices and stimulate the Venezuelan economy through significant private investment.
Why it matters
This deal represents a massive shift in global energy policy and US-Venezuela relations, with significant implications for oil markets and geopolitical stability.
The US and Venezuela have agreed terms on a huge oil deal that could see Washington take control of more than 65 billion barrels Venezuela's oil reserves.US President Donald Trump had announced the agreement on Friday in a post on Truth Social, calling it the "biggest oil deal in world history.""This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans," he wrote, adding that it would also help "set Venezuela on a course toward Tremendous Success and Great Prosperity."Delcy Rodríguez, the acting president of Venezuela - which has the world's largest proven oil reserves - later confirmed the "historic" deal in a statement posted to social media.According to Rodríguez, the agreement "calls for the development of 17 strategic fields" and could see investment of "more than $100 billion, and more than $209 billion in taxes for the…
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