World
Trump Hails 'Historic' Deal for US Control of Venezuelan Oil Reserves
US President Donald Trump announced an agreement giving the United States majority control over 65 billion barrels of Venezuela's proven oil reserves, which he said would double US reserves and benefit Venezuela's economy.
US President Donald Trump announced on Friday an agreement that would grant the United States majority control over 65 billion barrels of Venezuela's proven oil reserves. The President described the deal as "historic" and the "biggest oil deal in history," made possible through an arrangement with Venezuela's interim president, Delcy Rodríguez.
Speaking on his social media platform, President Trump stated that the sweeping agreement would significantly expand US energy resources. He claimed the deal would effectively double existing US oil reserves, contribute to lower domestic petrol prices for American consumers, and provide a substantial boost to Venezuela's economy.
The agreement, which involves access to vast amounts of the South American nation's untapped oil reserves at cost, was reportedly brokered "through a partnership with private business." Secretary of State Marco Rubio and Defense Secretary Pete Hegseth were cited by President Trump as instrumental in facilitating the arrangement.
While the President lauded the deal, the specific terms and conditions of the agreement have not yet been publicly disclosed. The announcement marks a significant development in the energy relations between the United United States and Venezuela.
Reporting by the The Indian Morning Post Editorial Desk.
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