economy

Donald Trump secures 'biggest oil deal in world history' with Venezuela to slash fuel prices for millions of Americans

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Donald Trump secures 'biggest oil deal in world history' with Venezuela to slash fuel prices for millions of Americans

TL;DR

  • Donald Trump claims to have secured the 'biggest oil deal in world history' with Venezuela.
  • The agreement provides the US access to over 65 billion barrels of Venezuelan crude reserves.
  • Trump asserts the deal will more than double American oil reserves and lower gas prices for Americans.
  • The transaction involves private companies and is stated to be at no cost to US taxpayers.
  • The deal aims to strengthen relations between Washington and Caracas.
  • This accord follows the removal of Nicolas Maduro from power in January.
  • Venezuela's Interim President Delcy Rodriguez views the initiative as a strengthening of relations and an investment opportunity.
  • Secretary of State Marco Rubio highlights the deal's potential to bring $100 billion in private investment to Venezuela.
  • Venezuela possesses the world's largest proven crude reserves, estimated at 303 billion barrels.