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

President Donald Trump declared Friday that his administration has secured a monumental oil agreement with Venezuela, positioning the United States to hold majority control over 65 billion barrels of the nation's proven petroleum reserves. Trump hailed the deal as "the biggest oil deal in world history," asserting that it will inject nearly $100 billion in private investment into Venezuela. U.S. and Venezuelan officials confirmed the details of the transaction. Venezuela, possessing the world's largest proven oil reserves, has been under significant pressure from the Trump administration since the U.S. ousted its long-time ruler, Nicolas Maduro, in January. Washington had permitted Vice President Delcy Rodriguez to remain as interim leader under strict conditions. Interim leader Rodriguez characterized the agreement as "historic," predicting a substantial impact on Venezuela's economic revival. She projected potential investment exceeding $100 billion and over $209 billion in state tax revenue through social media. Trump stated that Secretary of State Marco Rubio and Defense Secretary Pete Hegseth negotiated the deal with Rodriguez, emphasizing a partnership with private businesses. He further commented that the transaction would significantly strengthen the relationship between Venezuela and the United States. Rubio echoed this sentiment, framing the deal as an "America First" victory that secures stable reserves and low-cost oil within the hemisphere, potentially lowering domestic gas prices. He also noted the expected benefits for the Venezuelan people, including job creation and economic reconstruction, though specific details were not provided. However, experts expressed reservations. Jorge Pinon, a senior researcher at the Energy Institute at the University of Texas at Austin, described the agreement as unconventional, raising questions about the mechanics of asset transfer. "We don't know how the transfer would take place," Pinon stated. "Is it a sale? Is it a title transfer? Is it only transferred once the reserves are actually produced?" Axios had previously reported that the two nations were in discussions regarding oil fields with 90 billion barrels of proven reserves, representing about a third of Venezuela's total reserves.

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the biggest oil deal in world history