Trump announces major oil deal with Venezuela controlling 65 billion barrels

On Friday, President Donald Trump announced a new oil agreement with Venezuela that aims to grant the United States majority control over more than 65 billion barrels of the country's oil reserves. Trump described the deal, made public through a post on his social media platform, Truth Social, as "the biggest oil deal in world history." He indicated that the agreement would significantly bolster US oil reserves, potentially doubling them.

According to Trump, the terms were negotiated by key officials, including Secretary of State Marco Rubio, Defence Secretary Pete Hegseth, and Venezuela's interim President Delcy Rodríguez. The president highlighted that this accord could help lower gasoline prices in the United States in the long term. He characterized the agreement as a strategic move following earlier US military actions involving Venezuelan President Nicolás Maduro.

This announcement comes after the capture of Maduro by US special forces early in the year, acting under Trump's directives to face federal charges related to narcoterrorism and drug trafficking. The implications of this operation were substantial in shaping US-Venezuela relations, and the new deal adds another layer to this complex dynamic.

Delcy Rodríguez acknowledged the historic nature of the agreement, claiming that it would bring much-needed revenue to Venezuela, with reports suggesting it could generate over 200 billion dollars for the country. Additionally, she conveyed gratitude towards the US government for facilitating the deal, underlining the shift in relations between the two nations.

Despite the enthusiasm surrounding the agreement from the US administration, there are concerns from American companies regarding Venezuela's infrastructure and previous experiences of expropriation of foreign investments. Some US corporations have shown hesitance to engage with Venezuela due to these historical precedents, raising questions about the practical implementation of the deal.

While the specifics of the agreement remain to be clarified, Trump's announcement marks a significant turn in US energy policy amidst rising gas prices domestically. The deal reflects ongoing attempts to leverage foreign oil reserves as part of a broader strategy to stabilize the US energy market. Further details from both the US and Venezuelan governments are anticipated as stakeholders assess the implications of this partnership.