Trump Claims Venezuela Oil Deal, Citing 65 Billion Barrels

President Donald Trump announced a "historic" agreement with Venezuela, claiming it will grant the United States control over more than 65 billion barrels of the South American nation's oil reserves. Trump asserted on social media that this deal will more than double America's oil reserves, significantly boost its oil supply, and substantially reduce gasoline prices for all Americans.

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This historic transaction will more than double America's oil reserves, considerably increase our oil supply and substantially reduce gasoline prices for all Americans.

Venezuelan interim president Delcy Rodriguez also praised the agreement, stating it would contribute to the country's economic relaunch. According to the report, Trump committed to exploiting Venezuela's vast oil reserves, the largest in the world, following the U.S. capture of then-President Nicolás Maduro earlier in the year. The deal reportedly aims to bring nearly $100 billion in private investment into Venezuela, support thousands of jobs, and drive economic reconstruction.

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This agreement will bring nearly $100 billion in private investment, support thousands of well-paid jobs, and boost the reconstruction of Venezuela's economy.

Details of the agreement remain scarce. U.S. Secretary of State Marco Rubio described the oil deal as a "huge victory" for both American and Venezuelan people. However, the specifics of the partnership, including any commitments or conditions for the United States, were not provided by Trump. He did claim the understanding was reached "at no cost to the American taxpayer."

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This agreement will have a significant impact on the country's relaunch.

Rodriguez further elaborated that the agreement involves developing 17 strategic oil fields with a proven potential of 65 billion barrels. She also mentioned projected investments exceeding $100 billion and over $209 billion in state taxes. The deal, according to Rodriguez, is expected to revitalize the nation's industry, boost economic growth, ensure hemispheric energy security, and stabilize international markets. A U.S. official told CBS News that the U.S. government will hold a 55% stake in a joint venture with an experienced private operator in Venezuela, which has been granted a 100-year concession for oil field exploitation.

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The agreement involves the development of 17 strategic oil fields, with a proven potential of 65 billion barrels, as well as investments of over $100 billion and over $209 billion in taxes for the state.