US, Venezuela Tout ‘Biggest Oil Deal in World History’
Trump says the deal would give the United States 55% of output from a new private company and lower gas prices.
- President Donald Trump announced on Friday a deal with Venezuela giving the United States majority control over more than 65 billion barrels of proven oil reserves, claiming it will "substantially lower gas prices for all Americans."
- Global oil supply faces strain from conflicts in Iran and Ukraine, while the U.S. Strategic Petroleum Reserve has fallen below 300 million barrels, its lowest level in more than four decades.
- Venezuelan President Delcy Rodr stated the agreement covers 17 strategic fields with more than $100 billion in investment and more than $209 billion in taxes for the state. The United States reportedly receives 55% effective output of a new private company.
- Despite the announcement, the deal's structure, participating companies, and production timeline remain undisclosed. Any increase in output depends on infrastructure repairs, legal approvals within Venezuela, and significant new investment.
- While Venezuela holds the world's largest oil reserves, production has collapsed from past peaks due to underinvestment and sanctions. Trump declared this "the biggest oil deal in world history," though realizing gains requires overcoming these structural hurdles.
63 Articles
63 Articles
Trump Hails 'Historic' US Deal To Control 65bn Barrels of Venezuelan Oil
The US says it has struck a huge oil deal with Venezuela, giving Washington control over more than 65 billion barrels of the country’s proven reserves.President Donald Trump called the agreement “historic”. He claimed it would more than double US oil reserves, increase supply and help bring down petrol prices.But what exactly has Washington secured? Details remain limited.Secretary of State Marco Rubio described the deal as “a huge win” for both…
The United States gained control over 65 billion barrels of Venezuelan oil
The United States gained control over 65 billion barrels of Venezuelan oil — TrumpThe US president announced the conclusion of the "largest oil deal in world history" with the interim president of Venezuela, Delcy Rodriguez.According to Trump, the...
Trump announces deal for major US stake in Venezuelan oil reserves
Washington, Aug. 29 (SANA) US President Donald Trump announced an agreement with Venezuela that he said gives the United States majority control of more than 65 billion barrels of the country’s proven oil reserves through a partnership with private businesses, marking a major expansion of Washington’s role in Venezuela’s energy sector. Trump described the agreement as “the biggest oil deal in world history,” saying it would more than double US o…
Analysis by David Goldman, CNN: The United States needs Venezuelan oil, probably more than at any time since the oil crisis of the 1970s. However, President Donald Trump has struggled to convince U.S. oil companies to make significant investments in Venezuela's oil operations after the crisis. The post Trump found an unusual solution to his Venezuela problem appeared first on News Channel 3-12.
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