United States President Donald Trump says his administration has reached an agreement with Venezuela granting the US majority control of more than 65 billion barrels of the South American country’s proven oil reserves.
Trump announced the deal on Friday, describing it as the “biggest oil deal in world history” and saying it could attract nearly $100 billion in private investment to Venezuela.
According to Venezuelan interim leader Delcy Rodriguez, the agreement covers 17 strategic oil fields and could generate more than $209 billion in tax revenue for the Venezuelan government.
US Secretary of State Marco Rubio said the deal would support thousands of jobs, boost Venezuela’s economy, and provide the US with a stable supply of oil.
However, details of how the United States will exercise majority control over the reserves, including the role of private companies and the legal structure of the agreement, have not been fully disclosed.
The deal comes as the Trump administration seeks to revive Venezuela’s struggling oil industry and encourage greater US investment in the sector. Venezuela holds the world’s largest proven crude oil reserves, estimated at more than 300 billion barrels, but years of underinvestment and deteriorating infrastructure have limited production.
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