Trump announces 'largest oil deal in history' with Venezuela
Translated from Chinese and summarized by DistantNews. Read the original for the full story.
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- The U.S. and Venezuela have finalized a major oil deal, granting the U.S. majority control over over 65 billion barrels of proven oil reserves.
- President Trump hailed the agreement as the largest oil deal in history, predicting it will more than double U.S. reserves and significantly lower gasoline prices.
- The deal involves private companies and aims to boost Venezuela's economy while strengthening bilateral relations, with an estimated $100 billion in private investment expected.
President Donald Trump announced a landmark energy agreement with Venezuela, positioning it as the "largest oil deal in history." The pact grants the U.S. majority control over more than 65 billion barrels of proven oil reserves, a move Trump claims will more than double America's oil reserves and substantially reduce gasoline prices for consumers.
The United States of America has just made a deal with Venezuela, the largest oil deal in the history of the world!
The deal, negotiated with Venezuela's interim government, is structured as a partnership with private enterprises. Secretary of State Marco Rubio and Secretary of Defense Pete Hegseth were involved in the negotiations, alongside Venezuela's interim President Delcy Rodríguez. Trump expressed optimism that the "historic transaction" will not only benefit the U.S. economy but also pave the way for Venezuela's success and prosperity, thereby strengthening bilateral ties.
The historic transaction more than doubles the oil reserves of the United States, considerably increases our oil supply, and will substantially reduce gasoline prices for all Americans in the long term.
This agreement arrives as the U.S. faces pressure to lower gasoline prices, exacerbated by ongoing global conflicts and a drawdown of strategic petroleum reserves. The U.S. Energy Information Administration estimates Venezuela holds approximately 303 billion barrels of crude oil, about 17% of global reserves, making it one of the world's most oil-rich nations. However, due to aging infrastructure, its current production is only about 1% of the global total.
The agreement will attract about $100 billion in private investment, support thousands of well-paying jobs, and boost the reconstruction of Venezuela's economy.
Secretary Rubio highlighted the strategic importance of the pact, projecting it to attract around $100 billion in private investment into Venezuela. He stated that the deal would support thousands of well-paying jobs and aid in the reconstruction of Venezuela's economy. Rubio framed the agreement as a success for Trump's "America First" policy, ensuring stable reserves and low-cost oil within the Western Hemisphere.
It demonstrates how President Trump's bold foreign policy drives achievements under the principle of 'America First': securing stable reserves and low-cost oil in our hemisphere.
About this summary
Originally published by Liberty Times in Chinese. 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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