Trump says US has reached deal with Venezuela on oil reserves

Key Points:

• President Donald Trump announced a historic agreement with Venezuela to take control of 65 billion barrels of the country's oil reserves, claiming it as the biggest oil deal in world history.
• The deal was reportedly negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and Venezuela’s interim President Delcy Rodriguez, with plans for $100 billion in private investment aimed at lowering U.S. gas prices.
• Venezuela holds about 17% of the world’s oil reserves, but due to damaged infrastructure, it currently produces only about 1% of global oil supply.
• The announcement follows ongoing U.S. efforts to address high gas prices amid the prolonged U.S.-Israel conflict with Iran, which has disrupted Gulf oil flows through the Strait of Hormuz.
• Details about the private sector partners involved in the deal and how the arrangement will function remain unclear, and there is skepticism from major U.S. oil companies about investing in Venezuela due to past challenges.