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US agrees deal for 65 billion barrels of Venezuela oil
BBC News··29 Aug
President Donald Trump said the US has reached a deal with Venezuela to control more than 65 billion barrels of proven oil reserves. Secretary of State Marco Rubio said the deal would bring nearly $100 billion in private investment. Trump said Marco Rubio and Pete Hegseth negotiated with interim President Delcy Rodriguez. Details of the partnership have not been released.
Prism
What It Means For You
- US gasoline prices will be watched as details of the Venezuela oil deal emerge.
- Venezuelan reconstruction could draw nearly $100 billion in private investment under the agreement.
- Trump said the deal more than doubles American oil reserves and will lower gas prices.
What's Happening
- Rubio called the agreement a huge win for American and Venezuelan people on social media.
- Trump faces pressure to bring gas prices down as the Iran war reaches a six-month mark.
- Maduro was seized on 3 January in a US military operation authorised by Trump.
How Venezuela's Oil Reserves Compare
- Venezuela has an estimated 303 billion barrels of proven oil reserves, the world's largest.
- Trump said his administration would indefinitely control the sale of Venezuela's oil after the raid.
- Trump has asked US oil firms to invest at least $100bn to restore Venezuela's oil industry.
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