Business

Trump Announces Deal to Access 65 Billion Barrels of Venezuelan Oil Reserves

President Donald Trump announced Friday that his administration has reached a sweeping agreement with Venezuela to gain access to approximately 65 billion barrels of the country's oil reserves. The deal, negotiated by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, grants the United States partnership with an unnamed private operator to develop the reserves under a 55% effective output share for the U.S. company. According to the announcement, the arrangement could attract roughly $100 billion in investment into Venezuela's oil industry and generate over $209 billion in tax revenue for Caracas. The agreement represents what the White House described as the biggest oil deal in world history, signaling a significant shift in U.S.-Venezuela relations and potentially altering the dynamics of Latin American energy markets. Analysts note that such a deal could influence global oil pricing and strengthen U.S. leverage in the region as the administration seeks to diversify its energy partnerships away from traditional suppliers.

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