Commodities
Trump Claims Biggest Oil Deal Ever as Venezuela Hands Over 65 Billion Barrels
US President Donald Trump has announced a major oil deal with Venezuela, claiming it's 'the biggest oil deal in world history.'
The agreement would give the US control of 65 billion barrels of Venezuela's oil reserves. The announcement comes as the war in Iran enters its sixth month, leading to soaring petrol prices.
Venezuela has one of the world's largest known oil reserves, with an estimated 303 billion barrels of crude underground, representing about 17% of the global supply.
However, Venezuela's ageing and deteriorating infrastructure has severely limited its ability to extract the oil. The country currently produces only about 1% of the world's oil.