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Trump says U.S. has entered deal with Venezuela to take control of 65 billion barrels of oil reserves
Confirmed
The administration, Trump wrote , has “secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer”. US president says US will have ‘majority’ control of 65bn barrels of proven oil reserves US president says US will have ‘majority’ control of 65bn barrels of proven oil reserves Donald Trump announced Friday a new US oil agreement with Venezuela’s interim president Delcy Rodríguez, saying the US will have “majority” control of 65bn barrels of proven oil reserves.
WASHINGTON (AP) — President Donald Trump said Friday that his administration has entered a sweeping agreement with Venezuela that, if realized, could give the U.S. access to vast amounts of the South American country's untapped oil reserves, at cost.
Earlier this week, the Wall Street Journal reported that the Trump administration was “in advanced talks with Venezuela for the U.S. to take a direct stake in more than a dozen oilfields that house nearly one-third of the country’s massive energy reserves”.
The agreement allows for the United States to partner with an unnamed private operator in Venezuela to create a new private company to take hold of the reserves, according to a U.S. official familiar with the contours of the deal.
The deal calls for the development of 17 strategic oil fields with a proven potential of 65 billion barrels, as well as "an investment of more than $100bn and more than $209bn in taxes" for Venezuela, Rodríguez said. Venezuela has the world's largest proven oil reserves , at just over 300 billion barrels, according to the U.S. Energy Information Administration.
Trump’s announcement provided few details on the structure of the agreement, the fields or companies involved, or how the US would exercise majority control over the reserves. Hours after US special forces captured Maduro and his wife, Cilia Flores, in a raid on the Venezuelan capital, Trump said the US would indefinitely control the sale of the country's oil.
The announcement comes as Chevron and other US energy companies are expected to sign a deal next week investing billions in Venezuela’s oil fields, according to the Journal. Mr. Trump said in a social media post the deal was made "at no cost to the American Taxpayer" and was struck "through a partnership with private business.
Secretary of State Marco Rubio said on social media the deal will "bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela's economy. A U.S. official told CBS News that interim Venezuelan President Delcy Rodriguez granted a private joint venture a 100-year concession to operate in oil fields that make up 65 billion barrels of petroleum.
What's confirmed
- WASHINGTON (AP) — President Donald Trump said Friday that his administration has entered a sweeping agreement with Venezuela that, if realized, could give the U.S. access to vast amounts of the South American…
- Trump in a social media post announcing the agreement said it was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Venezuela's acting President Delcy Rodríguez.
- The deal calls for the development of 17 strategic oil fields with a proven potential of 65 billion barrels, as well as "an investment of more than $100bn and more than $209bn in taxes" for Venezuela, Rodríguez said.
- US president says US will have ‘majority’ control of 65bn barrels of proven oil reserves US president says US will have ‘majority’ control of 65bn barrels of proven oil reserves Donald Trump announced Friday a new US…
- The administration, Trump wrote , has “secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer”.
- Secretary of State Marco Rubio said on social media the deal will "bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela's economy.
- Venezuela has the world's largest proven oil reserves , at just over 300 billion barrels, according to the U.S. Energy Information Administration.
- Trump said Rubio and Defence Secretary Pete Hegseth had reached the agreement with Venezuela's leadership "through a partnership with private business".
What's still developing
- It said the agreement could draw $100 billion in investment into Venezuela's oil industry and yield over $209 billion in taxes for Caracas.
- The agreement allows for the United States to partner with an unnamed private operator in Venezuela to create a new private company to take hold of the reserves, according to a U.S. official familiar with the…
- The company would be the second largest corporate holder of proven reserves after Saudi Aramco, according to the official.
- He has argued that Venezuela stole U.S. oil when former Venezuelan President Hugo Chávez moved decades ago to nationalize hundreds of foreign-owned assets, including those owned by American oil companies.
- Rubio said on X that the agreement would usher in billions in private investment into Venezuela and lead to lower gas prices in the United States.
- Trump’s announcement provided few details on the structure of the agreement, the fields or companies involved, or how the US would exercise majority control over the reserves.
- Since the US captured and removed former Venezuelan president Nicolás Maduro from power in January, Washington has been trying to secure a stable flow of Venezuelan crude oil for US refineries while promoting…
- Earlier this week, the Wall Street Journal reported that the Trump administration was “in advanced talks with Venezuela for the U.S. to take a direct stake in more than a dozen oilfields that house nearly one-third…