Donald Trump on Friday inked the “biggest oil deal in world history” with Venezuela.
US President Donald Trump and Venezuelan interim President Delcy Rodriguez have signed a new oil deal.
(AFP) Trump said the US secured majority control of more than 65 billion barrels of Venezuelan oil reserves through a partnership involving the government and private businesses.
He said the agreement was a major boost for US energy supplies and claimed it would “MORE THAN DOUBLE” American oil reserves and help lower gas prices.
The projects were expected to attract more than $100 billion in investment and bring in over $209 billion in taxes for Venezuela.
Donald Trump on Friday inked the “biggest oil deal in world history” with Venezuela. The agreement would increase American access to crude, expand supplies and eventually bring down gasoline prices, the US President said. US President Donald Trump and Venezuelan interim President Delcy Rodriguez have signed a new oil deal. (AFP) Trump said the US secured majority control of more than 65 billion barrels of Venezuelan oil reserves through a partnership involving the government and private businesses. “At my direction, secretary of state Marco Rubio, and secretary of war Pete Hegseth, working closely with Highly Respected Interim President of Venezuela, Delcy Rodriguez, and, through a partnership with private business, have secured majority US control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer,” Trump wrote on Truth Social. He said the agreement was a major boost for US energy supplies and claimed it would “MORE THAN DOUBLE” American oil reserves and help lower gas prices.
READ MORE | Trump declares himself 'Acting President of Venezuela' days after Maduro capture Venezuela welcomes deal Venezuelan interim President Delcy Rodriguez welcomed the agreement, saying it would bring major revenues to the country's treasury. Rodriguez said the deal would bring in a large amount of investment to Venezuela, mainly to rebuild and upgrade infrastructure needed to grow its oil industry.
She said the agreement would boost oil production with the help of private companies and involve the development of 17 key oil fields, with proven reserves of around 65 billion barrels. The projects were expected to attract more than $100 billion in investment and bring in over $209 billion in taxes for Venezuela. ALSO READ | With Venezuela raid, US tells China to keep away from the Americas Rodriguez said the country also wanted to use its huge oil reserves to become a bigger energy producer, create jobs, increase workers' incomes and improve living standards. “Venezuela is thus ushering in a new era of recovery, growth, production, security, and prosperity for our people,” she said.
