US Secures Control Over Venezuela's Massive Oil Reserves
US President Donald Trump announced that his administration has secured an agreement with Venezuela to take control of its massive oil reserves. The deal, which Trump described as 'the biggest oil deal in world history,' gives the US majority control over more than 65 billion barrels of proven oil reserves at no cost to American taxpayers.
The reserves, located in Venezuela, are among the largest in the world and comprise roughly 17% of global supply. According to the U.S. Energy Information Administration, Venezuela has an estimated 303 billion barrels of crude oil in its soil.
Trump touted the deal as a 'huge win' for both the US and Venezuela, stating that it will bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela's economy. The deal is seen as a significant development in Trump's foreign policy, which aims to secure stable reserves and low-cost oil in the hemisphere.
Secretary of State Marco Rubio praised the agreement, saying it demonstrates 'President Trump’s bold foreign policy is driving America First wins.' Rubio noted that the deal will lower gas prices at home and benefit the Venezuelan people. The US has faced increasing pressure due to rising gas prices, which have spiked since the US and Israel started a war with Iran six months ago.