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Trump announces deal with Venezuela to secure more than 65 billion barrels of oil reserves
CNBC • • business
Key Points:
- President Donald Trump announced a deal granting the U.S. majority control of over 65 billion barrels of Venezuelan oil reserves, calling it "THE BIGGEST OIL DEAL IN WORLD HISTORY" at no cost to taxpayers.
- The agreement more than doubles the U.S. oil reserve, addressing recent lows in the Strategic Petroleum Reserve not seen since the 1980s.
- The deal follows a U.S. military strike in Venezuela earlier this year, during which Venezuelan President Nicolás Maduro and his wife were captured, and was coordinated with Venezuelan government leaders and private businesses.
- Trump claimed the agreement would strengthen U.S.-Venezuela relations and help reduce rising gasoline prices, which have surged to an average of $4.09 per gallon amid global energy market turmoil.
- Despite a recent 4% drop in West Texas Intermediate crude prices, oil costs have increased over 24% since the U.S. conflict with Iran began, impacting consumer energy costs ahead of the midterm elections.
