Trump Seals Deal for US Access to Venezuela's Vast Oil Reserves

US President Donald Trump announced a significant oil agreement with Venezuela that could give the US access to vast amounts of the South American country's reserves at cost. The deal, negotiated by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, would allow the US to partner with a private operator in Venezuela to establish a new company controlling the reserves.

Under the agreement, the US would have an effective 55% share of the company's output through ownership stake and the right to purchase oil at cost. The deal could attract $100 billion in investment into Venezuela's oil industry and generate more than $209 billion in tax revenue.

Venezuela holds an estimated 303 billion barrels of crude oil reserves, or about 17% of the world's total. However, deteriorated infrastructure means the country currently accounts for only about 1% of global oil production.