Trump announces new US oil agreement with Venezuela

Key Points:

• Donald Trump announced a new US oil agreement with Venezuela’s interim president Delcy Rodríguez, claiming the US will have majority control of over 65 billion barrels of proven oil reserves at no cost to American taxpayers.
• The deal, brokered through private business partnerships by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, aims to more than double American oil reserves, though specific terms and operational details remain undisclosed.
• Venezuela holds the world’s largest proven oil reserves at 303 billion barrels, and the US has been seeking stable crude supplies and investment opportunities in Venezuela’s energy sector since removing Nicolás Maduro from power.
• The announcement has sparked controversy among Venezuelan opposition figures, who view the agreement as a "massive land grab" and criticize the US for failing to bring genuine political change in Venezuela.
• The deal coincides with expected investments by Chevron and other US energy companies into Venezuelan oil fields, potentially boosting production and addressing US concerns over rising gasoline prices ahead of the November midterm elections.