US to control 65 billion barrels of Venezuelan oil, Trump announces

US President Donald Trump on Friday said his administration has reached a major oil deal with Venezuela that gives the US majority control of 65 billion barrels of proven petroleum reserves. The deal — which Trump called “the biggest oil deal in world history” — would bring about US$100 billion in private investment to Venezuela, US and Venezuelan officials said. Venezuela has the world’s largest proven oil reserves. Its government has operated under intense pressure and close scrutiny from the Trump administration since the US in January abducted then-Venezuelan president Nicolas Maduro. A gas flare burns at the Cardon refinery in Punta Cardon, Venezuela, on May 6. Photo: Reuters Washington allowed then-Venezuelan vice president, Delcy Rodriguez, to stay on and serve as interim leader so