Trump announces new US oil agreement with Venezuela
Summary
President Donald Trump announced a new U.S. oil agreement with Venezuela's interim leader Delcy Rodríguez. The deal gives the U.S. majority control over 65 billion barrels of Venezuelan oil reserves, but details about the agreement are limited.Key Facts
- The U.S. secured majority control of 65 billion barrels of proven oil reserves in Venezuela.
- The agreement was arranged through a partnership involving private businesses and led by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth.
- Venezuela holds the world's largest proven oil reserves, estimated at 303 billion barrels.
- Since removing Nicolás Maduro from power, the U.S. aims to stabilize Venezuelan oil supplies for American refineries and encourage U.S. investment in Venezuela’s oil industry.
- Oil production in Venezuela currently stands at about 1.25 million barrels per day.
- The deal could help lower gasoline prices in the U.S. ahead of the midterm elections.
- Reports indicate U.S. companies, including Chevron, are preparing to invest billions in Venezuela’s oil fields.
- Some Venezuelan opposition figures criticize the agreement as a large-scale takeover of their country’s resources by the U.S.
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