US-Venezuela energy pact: What we know about Trump’s ‘biggest oil deal in world history’
President Donald Trump has announced a 25-year energy pact with Venezuela, aiming to revitalize the country's oil industry through a new joint venture. The deal, negotiated by top US officials, seeks to increase production and provide economic benefits to the Venezuelan population.
Why it matters
Represents a significant shift in US-Venezuela relations and global energy policy with potential long-term economic implications.
US President Donald Trump has put Venezuela’s vast oil reserves at the centre of what he calls “the biggest oil deal in world history.” Venezuela’s interim President Delcy Rodriguez stated that the energy pact with the US will last 25 years and aims to revive the country’s struggling oil industry.Trump said the deal was negotiated by secretary of state Marco Rubio, defence secretary Pete Hegseth and Rodriguez. However, the White House has so far shared little information beyond Trump’s social media post announcing the agreement.For Rodriguez, the deal is about turning Venezuela’s oil wealth into real benefits for its people. Speaking on Saturday while visiting reconstruction work after twin earthquakes in late June left thousands of families homeless, she said the reserves would “cease to be an inert, cold statistic and will instead become concrete solutions.
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