Commodities
Trump Announces Historic Oil Deal with Venezuela
US President Donald Trump has announced an oil agreement with Venezuela that he claims will give the US majority control over more than 65 billion barrels of proven reserves.
The deal, which was negotiated through a partnership with private companies by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, working with Venezuela's interim President Delcy Rodriguez, would more than double the US's oil reserves and strengthen its supply.
Rodriguez confirmed the agreement, saying it covers the development of 17 strategic fields with a proven potential of 65 billion barrels.
The projects are expected to attract over $100 billion in investment and generate over $209 billion in tax revenue for Venezuela.