Trump Touts $8.4 Billion Oil Deal with South Korea Amid Investment Agreement Confusion

US President Donald Trump announced that South Korea's investment agreement now includes $8.4 billion for an enhanced oil recovery project in the US. The deal is part of a broader strategic investment agreement between the two countries.

In a post on his Truth Social platform, Trump said 'The Republic of Korea Deal keeps getting BETTER! 8.4 Billion Dollars for an enhanced Oil Recovery Project.' He added that producing more oil and gas means American energy dominance and security in the world for the future.

Enhanced oil recovery is a process used to extract more oil from aging fields after conventional extraction methods slow down. It involves injecting materials such as carbon dioxide, natural gas, or steam into a reservoir to push more oil toward producing wells.

However, South Korea's industry ministry has disputed Trump's claim, saying the EOR investment was not included in the agreement. Seoul has asked Washington for clarification on this matter.