Trump announces U.S. majority control of Venezuela’s 65 billion barrels of oil reserves

State of the Union: Per the president, the deal will more than double American oil reserves. The post Trump Announces U.S. Stake in Venezuelan Oil Reserves appeared first on The American Conservative.

"We 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.

Acting President Delcy Rodríguez's government in a statement said the deal involves the development of 17 fields with a proven potential of 65 billion barrels.

President Donald Trump announced a sweeping oil agreement with Venezuela that he says will expand U.S. reserves, attract billions in private investment and eventually lower gasoline prices. The post U.S. President Trump Announces Major Venezuela Oil Deal appeared first on The Tico Times | Costa Rica News | Travel | Real Estate.

 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.