Trump Announces Vast U.S. Stake in Venezuelan Oil Industry

President Trump announced a deal Friday to grant the United States majority control of over 60 billion barrels of proven Venezuelan oil reserves.

The deal -- which Trump proclaimed as "the biggest oil deal in world history" -- will bring nearly $100 billion in private investment to Venezuela, US and Venezuelan officials said.

The deal -- which Trump proclaimed as "the biggest oil deal in world history" -- will bring nearly $100 billion in private investment to Venezuela, US and Venezuelan officials said.

The plan involves the United States taking more direct control over Venezuelan reserves as crime and steep logistical challenges discourage private investors.

Venezuela agrees major oil deal with the United States, giving Washington majority control of 65 billion barrels of proven petroleum reserves; Trump and Rodríguez hail "historic" agreement, saying it will benefit both nations. Leer más

US President Donald Trump announced an unprecedented US push to take control of a fifth of Venezuela's vast oil reserves, delivering a new source of crude oil to help bring down US fuel prices.

The sweeping deal would dramatically expand U.S. access to one of the world’s largest petroleum supplies.

In a Truth Social post, Trump called this 'the biggest oil deal in world history' and said it will more than double US oil reserves.

Venezuela confirmed the 'historic' agreement shortly after the US president's announcement.