DistantNews
Support us
🇶🇦 Qatar /Energy & Infrastructure

Trump announces 'biggest oil deal in world history' with Venezuela

From Al Jazeera · () English

Translated from English and summarized by DistantNews. Read the original for the full story.

At a glance

News Named sources New plan
  • President Donald Trump announced a deal securing majority U.S. control over 65 billion barrels of Venezuelan oil reserves.
  • Trump stated the deal will more than double American oil reserves and lower gas prices for Americans.
  • Venezuela's interim president welcomed the deal, expecting significant revenue and economic benefits.

President Donald Trump has announced what he described as the "biggest oil deal in world history," granting the United States majority control over more than 65 billion barrels of Venezuela's proven oil reserves.

At my direction, Secretary of State Marco Rubio, and Secretary of War Pete Hegseth, working closely with Highly Respected Interim President of Venezuela, Delcy Rodriguez, and, through a partnership with private business, have secured majority US control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer.

— Donald TrumpAnnouncing the oil deal with Venezuela on Truth Social.

In a post on Truth Social, Trump asserted that this "historic transaction" will more than double American oil reserves and "substantially lower gas prices for all Americans." He stated that Secretary of State Marco Rubio and Secretary of War Pete Hegseth, working with Venezuela's interim President Delcy Rodriguez and private businesses, secured this deal at no cost to U.S. taxpayers.

Venezuela's interim President Delcy Rodriguez welcomed the agreement, which is anticipated to bring approximately $209 billion to the state's treasury. The deal follows weeks of negotiations aimed at providing American companies long-term access to Venezuelan oilfields and ensuring crude supply to the U.S.

historic transaction more than doubles American oil reserves and will substantially lower gas prices for all Americans.

— Donald TrumpDescribing the significance of the oil deal with Venezuela.

Venezuelan officials are preparing to sign agreements next week that will grant new oil exploration and production rights to several companies, particularly U.S. firms. While a lease model was reportedly under consideration, the arrangement could face legal and constitutional challenges in Venezuela, where the state maintains control over core oil industry activities.

it would secure stable, low-cost oil for the US and help lower petrol prices.

— Marco RubioDescribing the benefits of the oil deal for the United States.

Secretary of State Marco Rubio described the agreement as a mutual win, projecting stable, low-cost oil for the U.S. and nearly $100 billion in private investment for Venezuela, supporting jobs and economic rebuilding.

the deal would bring nearly $100bn in private investment, support thousands of high-paying jobs and help rebuild the country’s economy.

— Marco RubioDescribing the benefits of the oil deal for Venezuela.
About this summary

Originally published by Al Jazeera in English. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

More Stories

From Our Blog