Trump claims 'largest oil deal in history' with Venezuela

Former U.S. President Donald Trump has announced what he described as "the largest oil deal in world history" with Venezuela. In a post on Truth Social, Trump stated that through a partnership with private companies, the U.S. has secured control over "a majority of more than 65 billion barrels of oil" from Venezuela's reserves.

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The historical agreement more than doubles the U.S.'s oil reserves, significantly increases our oil supply, and will noticeably lower gasoline prices for all Americans far into the future.

According to Trump, this agreement comes at no cost to American taxpayers and will effectively double the United States' oil reserves. He further claimed the historic deal would significantly increase the U.S. oil supply and noticeably lower gasoline prices for all Americans well into the future.

However, the announcement provided few details regarding the deal's structure, the specific fields or companies involved, or how the U.S. would exercise control over these reserves, as noted by The Guardian. Critics within Venezuela's opposition have already labeled the agreement as a "land grab."

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the largest oil deal in world history

Since the U.S. ousted Nicolás Maduro from the Venezuelan presidency in January, the U.S. has sought a stable flow of Venezuelan crude oil to its refineries. Venezuela possesses the world's largest oil reserves, holding approximately one-fifth of global reserves.

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