Trump Secures 'Biggest Oil Deal' with Venezuela, Grants US Majority Control

US President Donald Trump announced a massive oil deal with Venezuela that he called the 'biggest oil deal in world history'. The agreement gives American companies majority control over 65 billion barrels of Venezuelan proven oil reserves.

The deal, which followed weeks of negotiations, will grant long-term access to a group of Venezuelan oilfields while guaranteeing crude supply to US refineries. Trump claimed that the historic transaction 'more than doubles American oil reserves' and 'will substantially lower gas prices for all Americans'. Secretary of State Marco Rubio described the agreement as a win for both countries, saying it would secure stable, low-cost oil for the US and help lower gas prices.

Venezuela's interim President Delcy Rodriguez welcomed the agreement, which is expected to bring about $209 billion to the state's treasury. Trump said that Secretary of War Pete Hegseth also worked on the deal alongside Rubio, and that it was secured through a partnership with private business 'at no cost to the American Taxpayer'. However, significant questions remain about how the deal would work, and whether it can survive legal challenges in Venezuela.

The deal represents a dramatic expansion of Washington's role in the country's oil industry as the Trump administration seeks to revive production and lock in more crude for US refineries. Venezuelan officials are preparing to sign agreements next week granting new oil exploration and production rights to companies, particularly US firms.