'Biggest deal in world history': Trump says US secured 65 billion barrels of Venezuelan oil | World News
The United States has reached a landmark energy agreement with Venezuela to gain majority control over more than 65 billion barrels of crude reserves. Announced by U.S. President Donald Trump alongside Venezuelan interim leader Delcy Rodriguez, the agreement involves 100-year concessions across 17 oil fields operated via a private joint venture. Under the terms, Washington secures an effective 55% stake in production without direct taxpayer costs. The move aims to stabilize domestic gas prices and replenish the U.S. Strategic Petroleum Reserve amid ongoing global supply disruptions caused by the conflict in the Strait of Hormuz. For Venezuela, the strategic partnership is expected to draw over $100 billion in private investments and generate more than $209 billion for its treasury, supporting domestic economic recovery and infrastructure modernization.
The Key points
- Massive Reserve Access: The U.S. gains majority control over 65 billion barrels of proven Venezuelan crude oil reserves.
- 55% Production Share: Washington acquires an effective 55% operational stake through a private-public joint venture with 100-year field concessions.
- Substantial Economic Boost: The partnership aims to bring over $100 billion in private investments and yield $209 billion in tax revenue for Venezuela's treasury.
- Energy Security Goals: The deal is structured to lower American gasoline costs and replenish the Strategic Petroleum Reserve amid supply bottlenecks in the Strait of Hormuz.
- Geopolitical Context: The agreement follows major political changes in Caracas, establishing formal ties between Washington and Venezuela's interim government.
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