President Donald Trump on Friday announced “THE BIGGEST OIL DEAL IN WORLD HISTORY,” which he says will bring “majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer.”
In the Truth Social announcement, Trump attributed the deal, which he says “MORE THAN DOUBLES American Oil Reserves,” to Secretary of Defense Pete Hegseth and Secretary of State Marco Rubio.
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The details of the transaction have yet to be announced, but Axios reports that it will take the form of a public-private partnership with American companies and the Venezuelan government, which controls the country’s nationalized oil industry.
“It’s not a purchase. They’re giving us equity. It’s a type of corporate transaction where the U.S. has equity in the companies,” an American government source told Axios. Per Axios, it is unclear whether the deal has yet been finalized.
Venezuela’s Acting President Delcy Rodriguez, who took power after the American ouster of Nicolas Maduro in January, confirmed the agreement, which she said would generate $209 billion in tax revenue for Caracas.
