Escalation: Trump announces U.S. control of Venezuela's oil reserves
Donald Trump announced an agreement with Venezuela giving the United States majority control over about 65 billion barrels of proven oil reserves. He called it the biggest oil deal in world history and said it would more than double U.S. reserves at no cost to taxpayers.
Trump said the arrangement could draw nearly $100 billion in private investment into Venezuela and help lower U.S. gasoline prices. He credited negotiations by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and Venezuela’s interim president Delcy Rodríguez.
Accounts of the structure differ, describing either majority control of reserves or a long-term U.S. stake in a large share of Venezuela’s oil fields. The deal was also described as potentially costly, at odds with his claim it would not burden taxpayers.
Synthesized from 12 sources
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AI-synthesized from multiple reported sources
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