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🇹🇳 Tunisia /Energy & Infrastructure

Trump announces 'giant deal' for Venezuela's oil reserves

From La Presse · () French

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

At a glance

News Named sources New plan
  • Donald Trump announced a major oil deal with Venezuela for access to over 65 billion barrels of reserves.
  • The agreement aims to double U.S. oil reserves, increase crude supplies, and lower gasoline prices for American consumers.
  • Venezuela holds the world's largest proven oil reserves, estimated at around 303 billion barrels.

President Donald Trump has announced a significant "giant deal" with Venezuela, securing access to over 65 billion barrels of the South American nation's vast oil reserves. This agreement marks a notable step in the improving relations between Washington and Caracas, following the removal of former President Nicolás Maduro.

giant deal

— Donald TrumpDescribing the agreement with Venezuela.

Trump shared the news on his social media platform, Truth Social, stating that Secretary of State Marco Rubio and Secretary of Defense Pete Hegseth finalized the negotiations with Venezuela's interim President Delcy Rodríguez. He hailed the accord as "the most important deal in the world."

The deal is projected to have substantial benefits for the United States, including doubling the nation's oil reserves, boosting crude oil supplies, and leading to a significant and "sustainable" decrease in gasoline prices for American consumers. Venezuela possesses the largest proven crude oil reserves globally, estimated at approximately 303 billion barrels, surpassing Saudi Arabia and Iran.

the most important deal in the world

— Donald TrumpHailing the significance of the oil reserves agreement with Venezuela.

According to Axios, the negotiations focused on deposits containing around 90 billion barrels of proven reserves within Venezuela's oil fields. An American official acknowledged the sensitivity surrounding potential accusations of the transitional government ceding national wealth to the U.S., emphasizing efforts to demonstrate that the partnership will benefit the Venezuelan people.

will help keep Venezuela on the path to success and prosperity

— Donald TrumpStating the expected positive impact of the deal on Venezuela.

Both Trump and Rodríguez expressed optimism about the deal's impact. Trump asserted it would "help keep Venezuela on the path to success and prosperity" while strengthening bilateral ties. Rodríguez stated the agreement would be "determinant" for Venezuela's recovery, attracting necessary investments to rebuild strategic infrastructure.

will have a decisive impact on the country's recovery and will favor the influx of investments necessary for the reconstruction of Venezuela's strategic infrastructures

— Delcy RodríguezInterim President of Venezuela on the agreement's importance for national recovery.
About this summary

Originally published by La Presse in French. 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.

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