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Commodities

Trump Seals Deal for US Control Over Venezuela's 65 Billion Barrels

Guavy AI Editorial Team
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Oil
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US President Donald Trump announced on social media that his administration has reached an agreement with Venezuela to develop 17 oil fields with a potential of 65 billion barrels.

The deal, negotiated by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, would allow the US to partner with a private operator to create a new company to manage the reserves.

Rodríguez's government said the agreement could attract $100 billion in investment and yield over $209 billion in taxes for Venezuela.

The deal gives the US 55% effective output of the new company, including an ownership stake and rights to buy oil at cost.

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