Trump announces deal with Venezuela to secure more than 65 billion barrels of oil reserves
- On Friday, President Donald Trump announced an agreement with Venezuela's interim President Delcy Rodriguez securing majority U.S. control of more than 65 billion barrels of oil through a partnership with private business, directed by Secretary of State Marco Rubio and Secretary of War Pete Hegseth.
- U.S. strategic oil reserves fell below 300 million barrels in early August, prompting the administration to seek new crude sources after six months of Iran-related supply disruptions disrupted global markets and pressured gasoline prices ahead of midterm elections.
- The agreement targets 17 strategic oil fields expected to attract nearly $100 billion in private investment, aiming to revive Venezuela's deteriorated energy sector and secure additional crude for U.S. refineries while generating over $209 billion in tax revenue for Caracas.
- Secretary of State Marco Rubio called the deal 'a huge win for both the American and Venezuelan people,' while the administration claims the transaction will more than double U.S. oil reserves and substantially lower gas prices for Americans.
- Industry experts remain skeptical about immediate production gains due to Venezuela's dilapidated infrastructure and political uncertainty; Francisco Monaldi, director of the Latin American Energy Program at Rice University, warned that meaningful expansion will require years of significant capital investment.
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1019 Articles
Trump announces ‘historic’ US-Venezuela oil deal that he says will lower gas prices
(WASHINGTON) - President Donald Trump announced Friday that the U.S. and Venezuela have reached a "historic" oil deal that he said would give the U.S. a majority control of billions of barrels of oil reserves in the Caribbean country and lower gas prices for Americans. [...]
Trump announced a 'historic' agreement with Venezuela that will double America's oil reserves.
Trump Venezuela Oil Deal: 65B Barrels, Lower Gas Prices
President Trump announced what he called the biggest oil deal in history, securing U.S. majority control over 65 billion barrels of Venezuelan oil reserves, a move one veteran energy trader says will drive down gas prices for a generation. Trump made the announcement on Truth Social on Friday, saying the United States had entered an […] The post Trump's Venezuela oil deal gives U.S. majority control of 65 billion barrels — and a top energy trade…
MyCentralOregon.com
Trump announces 'historic' US-Venezuela oil deal that he says will lower gas prices
The capital of the oil state and surrounding areas offer a stark contrast between Venezuela’s oil wealth and the daily reality of communities living near the country’s energy infrastructure. (Photo by Jose Isaac Bula/Anadolu via Getty Images)
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