US Secures Access to Venezuela's Massive Oil Reserves

President Donald Trump announced that his administration has entered into an agreement with Venezuela to access the country's vast oil reserves. According to Trump, the deal allows the US to partner with a private operator in Venezuela to create a new company that would take control of 65 billion barrels of untapped oil.

The deal gives the US 55% effective output of the new private company, including an ownership stake and rights to buy oil at cost. Trump stated that this agreement is 'the biggest oil deal in world history.' The new company would be the second-largest corporate holder of proven reserves after Saudi Aramco.

Venezuela's acting President Delcy Rodríguez said the deal could draw US$100 billion in investment into Venezuela's oil industry and yield over US$209 billion in taxes for Caracas. Rodríguez predicted that this agreement 'will have a significant impact on our nation's revival.'

Trump has been under pressure to address high gas prices, which currently stand at around US$4.09 per gallon in the US. The deal is expected to reduce gas prices in the US and fill the country's strategic petroleum reserve.