Trump claims historic oil deal with Venezuela

Former U.S. President Donald Trump has announced what he described as a "historic" oil deal with Venezuela, secured through a partnership with private companies. Trump claimed on his social media platform, Truth Social, that this agreement grants the United States control over a "majority of more than 65 billion barrels of oil" from Venezuela's known reserves.

According to Trump, this deal comes at no cost to American taxpayers. He asserted that the agreement would more than double the U.S. oil reserves, significantly boost the nation's oil supply, and lead to considerably lower gasoline prices for all Americans in the long term. The announcement comes amid pressure on the Trump administration due to rising gasoline prices, particularly since the U.S. and Israel initiated military actions against Iran in February.

Venezuela possesses the world's largest oil reserves, holding approximately one-fifth of the global total. However, the country currently extracts only about one percent of the world's total oil production. The U.S. has been seeking a stable flow of Venezuelan crude oil to its refineries since the Trump administration's efforts to oust Nicolás Maduro from the presidency in January.

Reuters reported that falling prices might be achieved through cheaper oil supplies and increased production. The potential impact of such a deal on global energy markets and U.S. domestic policy remains a significant point of discussion.

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The historic deal more than doubles USA's oil reserves, significantly increases our oil supply, and will lower gasoline prices considerably for all Americans far into the future.