Trump Announces ‘Biggest Oil Deal In World History’ With Venezuela

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Washington DC: US President Donald Trump announced a massive oil agreement with Venezuela that gives the United States majority control of 65 billion barrels of proven petroleum reserves, calling it ‘the biggest oil deal in world history’.

The historic deal will bring nearly $100 billion in private investment into Venezuela and generate over $209 billion in tax revenue for the South American nation. 

Reached alongside US Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, the transaction aims to double US oil reserves and lower domestic gasoline prices.

Venezuela's interim leader, Delcy Rodríguez, confirmed the agreement, hailing its potential to drive the economic reconstruction of the country. 

Rodríguez was allowed to serve as interim president after Washington ousted and captured longtime ruler Nicolás Maduro in January, on the condition that she aligns with US policy.

Under the framework, private American and foreign energy companies will invest in developing a dozen productive oil fields representing a third of Venezuela's total 300-billion-barrel reserves. In exchange for a US ownership stake, these private firms will ramp up production and return greater revenue to Caracas.

However, energy analysts caution that significant operational and political questions remain regarding how sovereign oil assets will be transferred directly to another country. Furthermore, foreign investors continue to weigh risks surrounding Venezuela's dilapidated infrastructure and historical asset expropriations.