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Trump announces ‘biggest oil deal in world history’ with Venezuela
Al Jazeera • • nation
Key Points:
- The United States has reached a deal with Venezuela granting American control over approximately 65 billion barrels of Venezuela’s proven oil reserves, aiming to revive Venezuela’s energy sector and increase US oil supplies.
- President Donald Trump announced the agreement on Truth Social, stating it would more than double American oil reserves and help lower gas prices for US consumers without costing taxpayers.
- Venezuela’s interim President Delcy Rodriguez welcomed the deal, which is expected to inject about $209 billion into the Venezuelan treasury and attract nearly $100 billion in private investment.
- The agreement involves granting new oil exploration and production rights to several companies, particularly US firms, though the exact structure and involved parties have not been disclosed and may face legal challenges in Venezuela.
- US officials, including Secretary of State Marco Rubio, highlighted the deal as beneficial for both countries by securing stable, low-cost oil for the US and supporting Venezuela’s economic recovery and job creation.
