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Commodities

Trump Unveils Record-Breaking Oil Deal with Venezuela

Guavy AI Editorial Team
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Oil
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US President Donald Trump has announced a major oil deal with Venezuela, claiming it will ease high energy prices for Americans. The agreement involves more than 65 billion barrels of crude from Venezuela's vast oil reserves, which account for about 17% of global supply.

The transaction is being coordinated by Secretary of State Marco Rubio and Secretary of Defence Pete Hegseth with Venezuela's interim President Delcy Rodriguez through a partnership with private business. However, no specifics were provided on the involved oilfields or companies.

Trump claimed the deal would more than double American oil reserves, increase oil supply, and lower gas prices for Americans in the long term. The announcement comes amid elevated inflation in the US and a 50% surge in gas prices linked to the war on Iran.

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