US President Donald Trump said on Friday the US had reached a deal to take control of Venezuela’s vast oil reserves.
He said the deal was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Venezuelan interim President Delcy Rodriguez.
“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 on his Truth Social platform.
He added that it would be “at no cost to the American taxpayer.”
Rubio said the deal would see $100 billion (€86 billion) of private investment flow into Venezuela.
“This deal is a huge win for both the American and Venezuelan people,” he said.
The agreement more than doubles the US oil reserves.
Venezuela has the world’s largest proven oil reserves totalling 303 billion barells. But production has long lagged behind other major oil producing countries due to chronic mismanagement, decaying infrastructure and sanctions.
More to come on this developing news.
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