Washington, D.C., August 29 (ANI): U.S. President Donald Trump on Friday (local time) announced what he called the “biggest oil deal in world history” with Venezuela.
The landmark agreement with Venezuela will give the United States majority control over more than 65 billion barrels of proven crude oil reserves.
“The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY! 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 U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer,” he said.
According to the president, the agreement was secured “at no cost to the American Taxpayer” and will “more than double” total U.S. oil reserves. The administration claims the massive influx into the U.S. oil supply will drive down domestic gasoline prices over the long term while putting Venezuela’s economy on a path toward recovery.
“This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans, long into the future, while helping to continue to set Venezuela on a course toward Tremendous Success and Great Prosperity. This Transaction will greatly strengthen the already growing relationship between Venezuela and the United States! Thank you for your attention to this groundbreaking matter,” Trump added.
The announcement comes following months of intense U.S. diplomatic pressure, sanctions enforcement and direct oversight of Venezuelan oil exports aimed at stabilizing the South American nation’s energy sector.
The deal comes nine months after a U.S. military operation ordered by Trump captured Venezuelan leader Nicolas Maduro and transferred him to the United States on federal narcoterrorism and drug trafficking charges.
It also comes as the administration faces pressure over gas prices while the war in Iran reaches six months, and after the U.S. Strategic Petroleum Reserve dropped below 300 million barrels in early August, down more than 100 million barrels since January.
Trump had previously floated a return of U.S. oil companies to Venezuela following Maduro’s ouster, arguing that U.S. assets were taken when Hugo Chavez nationalized foreign-owned properties.
Venezuela holds an estimated 303 billion barrels of crude, or about 17% of the world’s supply, according to the EIA, though it produces only about 1% of global output due to deteriorating infrastructure.
(ANI)
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