WASHINGTON (Kashmir English): US President Donald Trump has announced a major oil deal with Venezuela, calling it the “largest oil deal in the history of the world.”
He says the deal will double US oil reserves, significantly increase supply, and keep gasoline prices low for American citizens for a long time.
Trump said in a statement on his social media platform ‘Truth Social’ on Friday that the US has reached an agreement with Venezuela under which the US will gain majority control of the country’s more than 65 billion barrels of proven oil reserves.
According to the US president, this historic agreement was reached without any additional burden on US taxpayers.
He said that US Secretary of State Marco Rubio, Secretary of War Pat Hegseth, Venezuelan interim President Delcy Rodriguez and the private sector played a role in the agreement.
Trump claimed that the deal would more than double US oil reserves and significantly increase the country’s oil supply, resulting in “significantly lower gas prices for all Americans over the long term.”
Venezuela’s interim president, Delcy Rodriguez, said that the deal would significantly increase oil production in the country with the participation of private companies. According to her, 17 key oil fields will be developed, which have a total proven potential of 65 billion barrels of oil.
Rodriguez said that these projects will involve an investment of more than $100 billion, which will help restore and modernize Venezuela’s oil industry, as well as contribute to the country’s economic development, regional energy security and greater balance in the global oil market.
