By Urdu Report Editorial Team
US President Donald Trump has announced a major oil deal with Venezuela, describing it as the largest oil agreement in world history.
Trump said the agreement would give the United States majority control over more than 65 billion barrels of Venezuela’s proven oil reserves. He also claimed the deal would more than double US oil reserves and significantly increase supplies.
Trump claims fuel prices will fall
In a statement posted on his social media platform Truth Social on Friday, Trump said the agreement was reached without placing any additional burden on US taxpayers.
He said US Secretary of State Marco Rubio, Secretary of War Pete Hegseth, Venezuela’s interim President Delcy Rodriguez and the private sector played roles in the agreement.
Trump claimed that increased oil supplies would keep gasoline prices significantly lower for Americans for a long period.
$100 billion investment expected in Venezuela
US Secretary of State Marco Rubio also described the agreement as a major success for both countries.
According to Rubio, the deal would provide stable oil reserves and lower-cost oil in the Western Hemisphere. He also said it would help reduce fuel prices in the United States.
Rubio said private-sector investment of around $100 billion is expected in Venezuela. He said the investment could create thousands of better-paying jobs and support the recovery of the Venezuelan economy.
17 Venezuelan oil projects to be developed
Venezuela’s interim President Delcy Rodriguez said private companies would help significantly increase the country’s oil production under the agreement.
She said 17 major oil fields would be developed, with a combined 65 billion barrels of proven oil potential.
Rodriguez said the projects would attract more than $100 billion in investment. She said the investment would help revive and modernize Venezuela’s oil industry, support economic development, strengthen regional energy security and contribute to greater balance in global oil markets.
Key details of the deal remain unclear
The full terms of the agreement have not yet been disclosed.
In particular, it remains unclear how the United States would obtain “majority control” of Venezuela’s oil reserves and what practical impact the arrangement would have on oil production and reserves.
The White House also did not immediately respond to a request for further details about the agreement.
