What we know about US President Donald Trump's Venezuela oil deal
US President Donald Trump has announced a 25-year agreement granting the United States access to Venezuela's oil reserves. Venezuelan officials confirmed the deal, which aims to increase production and revive the country's economy.
Why it matters
This deal represents a major shift in international energy policy and US-Venezuela relations, potentially impacting global oil markets.
Venezuela will give the US access to its vast oil reserves as part of a 25-year agreement. ( Reuters: Leonardo Fernandez Viloria )
Link copied Share Share article US President Donald Trump says his government has struck "the biggest oil deal in history", granting the US access to Venezuela's vast oil reserves.
Venezuela's Acting President, Delcy Rodríguez, says the deal will help to revive the country, and that it retains ownership over its resources.
The South American nation has the world's largest proven oil reserves, but produces far below its potential after years of underinvestment, mismanagement and sanctions.
Mr Trump announced the deal on Truth Social on Friday night, local time.
"The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!
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