US and Venezuela Make Deal on 65 Billion Barrels of Oil
President Trump said the deal will lower petrol prices in the United States.
The US and Venezuela made a deal about oil.
Donald Trump talked about it on social media.
He called it a historic transaction.
He said it will make petrol cheaper for Americans.
The deal is about 17 oil fields with 65 billion barrels.
Delcy Rodriguez is the interim president of Venezuela. She said the deal will help her country's economy.
The US government will control 55% of the new company.
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US to Control 65 Billion Barrels of Venezuelan Oil in New Deal
Trump called the agreement a historic transaction, while Venezuela's interim president said it will help her country's economy.
The United States and Venezuela have agreed a deal about Venezuela's oil. President Donald Trump called it a "historic transaction" in a post on social media, and he said it will more than double American oil reserves.
Trump also said the deal will lower petrol prices for Americans. Petrol prices went up during the Iran conflict, so he has been under pressure at home.
Venezuela's interim President, Delcy Rodriguez, said the agreement will help her country's economy. The deal is about 17 oil fields with 65 billion barrels of oil. Rodriguez said it will bring more than $100 billion of investment and more than $209 billion in taxes for the state.
Secretary of State Marco Rubio called the deal a win for both countries. He said it will bring nearly $100 billion in private investment and thousands of good jobs to Venezuela.
A US official said the US government will keep 55% control of a joint company with a private operator in Venezuela. Rodriguez gave the company 100 years to work in the oil fields. Few details were released, and the official text of the deal is not public.
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Trump Announces Deal Giving US Control of 65bn Barrels of Venezuelan Oil
Washington and Caracas have announced a deal covering 17 oil fields, but the official text has not been released.
The United States and Venezuela have announced an unusual agreement that gives the US control of large parts of Venezuela's oil industry. President Donald Trump described it on social media as a "Historic Transaction" that "MORE THAN DOUBLES American Oil Reserves" and will "substantially lower Gas Prices for all Americans".
The deal covers the development of 17 strategic oil fields with a proven potential of 65 billion barrels, according to Venezuela's interim President, Delcy Rodriguez. She said it also includes more than $100 billion of investment and more than $209 billion in taxes for the state, and that it would have "a significant impact on our nation's revival". Secretary of State Marco Rubio called it "a huge win for both the American and Venezuelan people".
Few details were released and the official text of the agreement has not been published. A US official told CBS News, the BBC's media partner, that the US government will keep 55% control of a joint venture with an experienced private operator in Venezuela, and that Rodriguez gave the venture a 100-year concession to work in the oil fields.
Trump said Rubio and Defence Secretary Pete Hegseth reached the agreement with Venezuela's leadership "through a partnership with private business", and that it came "at no cost to the American Taxpayer". He did not explain the partnership or the possible terms for the US.
Trump promised to use Venezuela's reserves after US forces captured then-President Nicolás Maduro and his wife, Cilia Flores, on 3 January. Venezuela has the world's largest proven oil reserves, an estimated 303 billion barrels, but production has fallen sharply since the late 1990s. It is not clear whether the agreement could face legal challenges in Venezuela.
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