US Secures 65 Billion Barrel Oil Deal with Venezuela

U.S. President Donald Trump announced on social media that his administration has entered into an agreement with Venezuela to access vast amounts of the country's untapped oil reserves, worth an estimated 65 billion barrels. The deal, negotiated by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, gives the U.S. a 55% effective output of the new private company that will develop the oil fields.

The agreement allows for the creation of a new private company with Venezuela's acting President Delcy Rodríguez granting it 100-year rights to develop the oil fields. The company would be the second largest corporate holder of proven reserves after Saudi Aramco, according to a U.S. official.

The deal is seen as a major win for both the American and Venezuelan people, with Rubio stating that it will usher in billions in private investment into Venezuela and lead to lower gas prices in the United States. The oil bought from the new company would go toward filling the U.S. strategic petroleum reserve and toward military use.