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🇬🇧 United Kingdom /Economy & Trade

Trump Announces New US Oil Agreement with Venezuela

From The Guardian · () English

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

At a glance

News Named sources New plan
  • Former US President Donald Trump announced a new oil agreement with Venezuela.
  • The deal reportedly grants the US majority control over 65 billion barrels of Venezuelan oil reserves.
  • Trump stated the agreement would more than double American oil reserves at no cost to taxpayers.

Donald Trump announced Friday a new US oil agreement with Venezuela, claiming the US will have "majority" control of 65 billion barrels of proven oil reserves.

more than doubles US oil reserves

— Donald TrumpDescribing the impact of the new oil agreement with Venezuela.

Trump stated on his social-media platform that the deal was brokered "through a partnership with private business" by his secretary of state, Marco Rubio, and defense secretary, Pete Hegseth. He asserted that the administration has "secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer."

The agreement, according to Trump, would more than double American oil reserves. Rubio echoed this sentiment on social media, calling it a "huge win for both the American and Venezuelan people."

secured majority U.S. control of more ​than 65 BILLION ‌BARRELS of proven Oil ‌Reserves in Venezuela, at no cost to the ‌American Taxpayer

— Donald TrumpAnnouncing the terms of the oil deal on his social-media platform.

However, the announcement provided few details on the agreement's structure, the specific fields or companies involved, or how the US would exercise majority control. Venezuela possesses an estimated 303 billion barrels of proven oil reserves, the world's largest.

This deal is a huge win for both the American and Venezuelan people

— Marco RubioCommenting on the new US oil agreement with Venezuela.

Reports suggest the Trump administration was in advanced talks with Venezuela for the US to take a direct stake in more than a dozen oilfields. This news reportedly caused unease and anger among members of Venezuela's opposition, with one figure calling it a "massive land grab" and a "rapacious, mafioso United States."

It’s a land grab – a massive land grab

— Unnamed opposition figureCriticizing the US oil deal with Venezuela.
About this summary

Originally published by The Guardian 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.

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