Trump Touts Venezuela Oil Deal as 'Biggest in History'

U.S. President Donald Trump announced an oil agreement with Venezuela on August 28, claiming it would be the 'biggest oil deal in history.' The pact, negotiated by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth through a partnership with private companies, aims to give the United States majority control over more than 65 billion barrels of proven reserves.

The agreement covers the development of 17 strategic fields in Venezuela, which is expected to attract over $100 billion in investment and generate around $209 billion in tax revenue for the country. The deal would allow private operators to participate in the fields, significantly increasing Venezuelan oil production.

Venezuela's interim President Delcy Rodriguez confirmed the agreement, stating it will contribute to her country's economic growth, energy security, and international market balance. However, neither government has released the full terms of the agreement or identified the private operators involved.