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US and Venezuela announce 'historic' oil deal
🇬🇷 Greece /Energy & Infrastructure

US and Venezuela announce 'historic' oil deal

From Ta Nea · () Greek

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

At a glance

News Sources not specified New plan
  • The United States and Venezuela have announced a significant oil agreement, granting the U.S. majority control over the exploitation of over 65 billion barrels of confirmed crude oil reserves.
  • U.S. President Donald Trump described the deal as the "biggest oil deal in world history," projecting it would more than double U.S. oil reserves.
  • The agreement involves private investment, job creation, and aims to boost Venezuela's economy, while also potentially lowering fuel prices for Americans and replenishing U.S. strategic reserves.

The United States and Venezuela have unveiled what they are calling a "historic" oil deal, granting the U.S. majority control over the exploitation of more than 65 billion barrels of confirmed crude oil reserves in the South American nation. U.S. President Donald Trump hailed the agreement via Truth Social as the "biggest oil deal in world history," asserting it would more than double the U.S.'s oil reserves.

The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY! At my direction, Secretary of State Marco Rubio, and Secretary of War Pete Hegseth, working closely with Highly Respected…

— Donald J. TrumpAnnouncing the oil deal on Truth Social.

According to Trump, the deal was finalized in "close cooperation" with Venezuela's acting president, Delcy Rodríguez, and a consortium of "private companies." Caracas confirmed the signing, with Rodríguez expressing "warm thanks" to her U.S. counterpart, Donald Trump, in a statement released on Telegram. She indicated the agreement focuses on the "development of 17 strategic fields" potentially holding up to "65 billion barrels of oil."

For the people of Venezuela, this agreement will attract nearly $100 billion in private investment, support thousands of well-paying jobs, and favor the reconstruction of the economy.

— Marco RubioDescribing the economic benefits of the deal for Venezuela.

U.S. Secretary of State Marco Rubio stated via X that the deal is expected to attract nearly $100 billion in private investment, support thousands of well-paying jobs, and aid in rebuilding Venezuela's economy. This development is particularly significant given Venezuela's status as possessing the world's largest confirmed oil reserves, estimated to exceed 303 billion barrels, despite currently limited production.

The historic transaction between the two countries will lead to a significant reduction in fuel prices for all Americans now and in the long term.

— Donald TrumpPredicting the impact of the deal on U.S. fuel prices.

Simultaneously, U.S. strategic petroleum reserves have fallen to their lowest level since November 1982, according to the U.S. Energy Information Administration (EIA). Washington had committed to progressively releasing 172 million barrels from its reserves to mitigate supply disruptions and rising oil prices following the outbreak of conflict in the Middle East. Trump suggested this "historic" transaction would lead to a "significant reduction in fuel prices" for all Americans, both now and in the long term, and would not cost U.S. taxpayers anything.

This agreement will not cost American taxpayers anything.

— Donald TrumpAddressing the financial implications for U.S. taxpayers.
About this summary

Originally published by Ta Nea in Greek. 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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