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Trump announces deal with Venezuela to secure more than 65 billion barrels of oil reserves
Trump said the agreement could draw nearly $100 billion in private investment and help lower U.S. gasoline prices.
- 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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Trump boasts US takeover of Venezuela's vast oil reserves
US President Donald Trump on Friday announced an unprecedented move to take control of a fifth of Venezuela's vast oil reserves, betting that US companies can revive the OPEC nation's battered energy industry while cutting prices at the pump back home.
·Beijing, China
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The oil deal affects Venezuela's vast oil reserves, and Trump says it could increase U.S. supply and lower gasoline prices.
·Budapest, Hungary
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The arrangement could attract $100 billion in investments in the Venezuelan oil industry.
·Montreal, Canada
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Coverage Details
Total News Sources907
Leaning Left120Leaning Right118Center156Last UpdatedBias Distribution40% Center
Bias Distribution
- 40% of the sources are Center
40% Center
L 30%
C 40%
R 30%
Factuality
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