Trump: U.S. to Control some of Venezuela’s Oil Reserves
Marco Rubio said the agreement could bring $100 billion in private investment and lower U.S. gas prices.
- On Friday, President Trump announced an agreement with Venezuela to control 65 billion barrels of oil reserves, negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and Venezuelan interim President Delcy Rodriguez.
- Trump faces mounting pressure to address high gas prices as the war in Iran reached a six-month milestone Friday. The U.S. average gas price stood at about $4.09 a gallon, up from $3.21 last year.
- Secretary of State Rubio claims the agreement will usher in nearly $100 billion in private investment to Venezuela. He stated, "This deal is a huge win for both the American and Venezuelan people." Venezuela holds 303 billion barrels total, about 17% of global supply.
- Venezuela produces only about 1% of the world's oil due to dilapidated infrastructure, deterring investment. ExxonMobil CEO Darren Woods previously called the country "un-investable," citing assets nationalized decades ago by former Venezuelan President Hugo Chavez.
- The U.S. strategic petroleum reserves fell below 300 million barrels in early August, down more than 100 million since January. Conflict in the Gulf has slowed transit through the Strait of Hormuz, where about 20% of global petroleum previously passed.
54 Articles
54 Articles
Donald Trump promises a lasting fall in gas prices thanks to this takeover of more than 65 billion barrels, while Caracas evokes $100 billion in investments and thousands of jobs created.
Nine months after Maduro’s fall, the Trump Administration and the Delcy Rodríguez government seal a historic pact that will double the proven US reserves
President Donald Trump said Friday night that the United States had reached an oil deal with Venezuela, which he said would "more than double" U.S. oil reserves, increase oil supplies and lower fuel prices, CNN reports.
The US President Donald Trump has now succeeded in Venezuela in teaching hostile takeover: after the violent withdrawal of the controversial head of state Nicolás Maduro, he and his successor have now agreed to receive a fifth of Venezuela's oil reserves. The deal was well prepared ...
United States Secretary of State Marco Rubio confirmed that the new oil agreement with Venezuela would ensure the stability of oil supplies and reserves and contribute to the reduction of gas prices in the United States.
The US is in control of 65 million barrels of oil. The deal with Venezuela makes it possible to reduce the fuel price "for all Americans" for years, says US President Donald Trump. Since the beginning of the Iran war, it has risen by a third in the US.
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