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

U.S. President Donald Trump has declared a landmark oil agreement with Venezuela, characterizing it as the "largest oil deal in world history."

According to Trump's social media announcement, the deal provides the United States with control over a significant portion of Venezuela's vast oil reserves, estimated to exceed 65 billion barrels. He stated that this control was achieved through partnerships established with the private sector.

Trump asserted that this agreement is poised to more than double the U.S. strategic oil reserves and substantially strengthen the nation's overall oil supply. The announcement comes amidst a complex geopolitical landscape involving both nations, with past U.S. actions including sanctions and accusations against Venezuelan leadership.

This development follows a period of heightened tensions, including explosions and reported military actions in Venezuela's capital, Caracas, earlier in the year. At that time, the Trump administration had announced actions against Venezuelan President Nicolás Maduro, including criminal charges filed by the U.S. Department of Justice.