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

US President Donald Trump has announced a historic oil deal with Venezuela that could give America access to vast amounts of the South American country's untapped oil reserves at cost.

The agreement, negotiated by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, involves the development of 17 fields with a proven potential of 65 billion barrels.

Rodríguez granted the company 100-year rights to develop the oil fields, allowing for the US to partner with an unnamed private operator in Venezuela to create a new private company to take hold of the reserves.

The deal gives the United States 55% effective output of the new private company, including an ownership stake and rights to buy oil at cost. This would make the company the second-largest corporate holder of proven reserves after Saudi Aramco.