Trump announces ‘Biggest Oil Deal In World History’ with Venezuela

US President Donald Trump has announced a major oil agreement with Venezuela, which he described as the “Biggest Oil Deal in World History.”

The deal could give the US access to Venezuela’s huge untapped oil reserves. Venezuela’s government says the agreement will cover 17 oil fields with an estimated potential of 65 billion barrels.

The plan could bring around $100 billion in investment to Venezuela’s oil industry and generate more than $209 billion in taxes for the Venezuelan government.

Under the agreement, a new private company would be created with a US private operator. The US would reportedly have 55% effective control of the company’s oil output, including an ownership stake and the right to buy oil at cost.

Trump said the agreement was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Venezuela’s acting President Delcy Rodríguez.

The announcement comes months after the US military operation that resulted in Venezuela’s then-President Nicolás Maduro being taken to the United States to face federal charges.