Trump says US reaches ‘biggest oil deal in world history’ with Venezuela

US President Donald Trump said Washington and Caracas have reached a major oil agreement giving the US majority control of more than 65 billion barrels of Venezuela’s proven reserves. Venezuela said the pact involves 17 strategic fields and over $100 billion investment.

New York: US President Donald Trump said that the United States and Venezuela have reached an oil agreement.

“The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!” Trump wrote in a post on Truth Social.

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The United States, through a partnership with private business, 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,” Trump said.

The deal “MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans, long into the future,” Trump claimed.

US oil prices have risen sharply since the Iran conflict erupted in late February, triggering inflation concerns, reports Xinhua news agency.

Meanwhile, Venezuela announced Friday what it called “a historic agreement” with the US government to promote investment in the recovery and reconstruction of strategic infrastructure for its hydrocarbons industry.

In a statement, Venezuela’s acting president Delcy Rodriguez said the agreement will help strengthen bilateral relations and facilitate a major flow of investment into the country’s energy sector.

The agreement will allow Venezuela to significantly increase oil production with the participation of private operators, the statement said.

The agreement “calls for the development of 17 strategic fields, with a proven potential of 65 billion barrels of oil, an investment of more than $100 billion, and more than $209 billion in taxes for the State,” it added.

Venezuela has the world’s largest proven oil reserves.

Earlier, on January 3, US military forces launched a large-scale strike against Venezuela and forcibly seized Venezuelan President Nicolas Maduro and his wife before transporting them to New York.

On January 29, Rodriguez announced the approval of a partial reform of the country’s hydrocarbons law to allow greater private participation in the oil sector.