US President Donald Trump says the United States has secured majority control of more than 65 billion barrels of proven oil reserves in Venezuela, describing the move as the “biggest oil deal in world history”.
The US president announced the deal in a post on Truth
Social on Friday.
“At my direction, Secretary of State Marco Rubio, and
Secretary of War Pete Hegseth, working closely with Highly Respected Interim
President of Venezuela, Delcy Rodriguez, and, through a partnership with
private business, have secured majority U.S. control of more than 65 BILLION
BARRELS of proven Oil Reserves in Venezuela, at no cost to the American
Taxpayer,” Trump wrote.
He said the transaction would more than double US’ oil
reserves, increase the country’s oil supply and “substantially lower Gas Prices
for all Americans, long into the future”.
Trump also said the agreement would strengthen relations
between the US and Venezuela.
Delcy Rodriguez, Venezuela’s interim president, confirmed
the agreement, saying it would have a “significant impact” on the country’s
economic recovery.
According to Rodriguez, the deal involves the development of
17 strategic oil fields with a proven potential of 65 billion barrels.
She said the arrangement is expected to attract more than
$100 billion in investment and generate more than $209 billion in tax revenue
for Venezuela.
On his part, Marco Rubio, US secretary of state, described
the agreement as a “huge win” for both countries.
“This deal is a huge win for both the American and
Venezuelan people,” Rubio said.
“It demonstrates how President Trump’s bold foreign policy
is driving America First wins: securing stable reserves and low-cost oil in our
Hemisphere and lowering gas prices here at home.”
Rubio said the deal would also bring nearly $100 billion in
private investment to Venezuela, support thousands of jobs and help rebuild the
country’s economy.
Venezuela has the world’s largest proven oil reserves,
estimated at about 303 billion barrels.
However, years of underinvestment and deterioration of oil
infrastructure have significantly constrained the country’s production
capacity.
The agreement comes as the Trump administration seeks to
increase oil supplies and bring down fuel prices in the US amid disruptions in
global energy markets.
The deal marks a major shift in US-Venezuela relations after
years of tension between the two countries.
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