economy
Trump announces record oil deal with Venezuela to double US reserves
The President has sought American control over the South American nation's reserves since it deposed dictator Nicolas Maduro earlier this year in Operation Absolute Resolve.
TL;DR
- Donald Trump announced a deal for over 65 billion barrels of proven oil reserves in Venezuela, claiming it's the "biggest oil deal in world history."
- The deal aims to more than double American oil reserves and substantially lower gas prices for Americans.
- Trump stated the deal came at "no cost to the American taxpayer."
- The agreement was brokered with Interim President of Venezuela Delcy Rodriguez and private businesses, including American oil firms.
- Secretary of State Marco Rubio called the deal a "huge win" for both American and Venezuelan people, expecting nearly $100 billion in private investment and job creation for Venezuela.
- This is the second deal Trump has made with the new Venezuelan government after the deposition of Maduro.
- Venezuela has one of the world's largest oil reserves but currently produces only about one percent of the world's oil due to dilapidated infrastructure.