ISTANBUL – US President Donald Trump said Friday that Washington finalised an agreement with Venezuela to secure majority control of more than 65 billion barrels of proven oil reserves, Anadolu Ajansi reported.
“The United States of America has just entered into an agreement with the country of Venezuela on the biggest oil deal in world history,” he wrote on his social media platform Truth Social.
He credited Secretary of State Marco Rubio and Defence Secretary Pete Hegseth for working alongside Venezuelan Acting President Delcy Rodriguez to finalise the transaction. Rodriguez assumed the interim presidency in January after a US military operation captured President Nicolas Maduro.
Trump asserted that the deal was achieved through a partnership with private industry and would involve no cost to American taxpayers. He claimed the transaction more than doubles existing US oil reserves and will “substantially lower gas prices” for Americans in the long term, while promoting prosperity in the South American nation.
The deal will strengthen the rapidly evolving relationship between Washington and Caracas, said Trump.
Rubio said the deal is a “huge win” for both nations, and that it will bring nearly $100 billion in private investment to Venezuela.
The Washington Post reported earlier that the administration is targeting a stake in 17 specific oil fields, several of which have suffered from years of neglect and lack necessary transport infrastructure.
Transferring control of natural resources to Washington could require changes to Venezuela’s Constitution due to strong domestic opposition, according to the report.
Despite the administration’s efforts to attract investment in the post-January status quo, Venezuelan oil production has increased by only about 200,000 barrels per day in the last year, according to The Washington Post.
US Energy Secretary Chris Wright is expected to travel to Venezuela next week. – BERNAMA-ANADOLU
