Trump Secures 'Biggest Oil Deal in World History' with Venezuela

US President Donald Trump announced on Friday that his administration has secured 'the biggest oil deal in world history' with Venezuela, which he claims will give the US majority control of more than 65 billion barrels of proven oil reserves in the Caribbean country.

The agreement, negotiated by the Defense Department and State Department, grants a private Venezuelan company a 100-year lease for oil fields totaling 65 billion barrels of proven reserves. The US will have a 55% share in the joint venture with this private company, which includes both equity ownership and production.

Trump said that the deal would 'substantially lower' gas prices for Americans 'long into the future.' He also claimed that the supply of at-cost oil produced from this company will help fill the US Strategic Petroleum Reserve and benefit the US military.

Venezuela's interim president, Delcy Rodriguez, hailed the agreement as a 'historic milestone' in relations between the two countries. She said it would allow for a significant increase in oil production with the participation of private operators and bring nearly $100 billion in private investment to Venezuela.