New York, August 29: U.S. President Donald Trump has announced a significant oil agreement between the United States and Venezuela. In a post on ‘Truth Social,’ Trump declared, “America has made the largest oil deal in world history with Venezuela!”
Trump stated that through partnerships with private companies, the U.S. has gained control over more than 65 billion barrels of oil reserves in Venezuela without spending a single taxpayer dollar. He claimed that this deal would more than double America’s oil reserves, significantly increase oil supply, and lower fuel prices for all Americans in the long term.
According to Xinhua News Agency, oil prices in the U.S. have surged since tensions with Iran began in late February, raising concerns about inflation.
Meanwhile, Venezuela announced a “historic agreement” with the U.S. government on Friday, aimed at rebuilding the necessary infrastructure for the country’s hydrocarbon industry and boosting investment.
In a statement, Venezuela’s interim President Delcy Rodriguez noted that this agreement would strengthen relations between the two countries and attract substantial investment in the nation’s energy sector.
The statement further indicated that the deal would significantly enhance oil production in Venezuela through the involvement of private operators. It mentioned that “17 key oil fields will be developed, confirming the existence of 65 billion barrels of oil. This will bring in over $100 billion in investment and generate more than $209 billion in taxes for the government.”
It is noteworthy that Venezuela holds the world’s largest proven oil reserves. Earlier, on January 3, the U.S. military launched a large-scale attack against Venezuela, forcibly detaining President Nicolas Maduro and his wife and taking them to New York. On January 29, Rodriguez announced partial reforms to the country’s hydrocarbon laws to increase private participation in the oil sector.
Leave a Comment