President Donald Trump announced Friday that the U.S. has struck a deal with Venezuela to secure majority control of more than 65 billion barrels of oil reserves, a move that comes as the war with Iran continues to disrupt global crude trade.
In an evening social media post, Trump described the agreement as the biggest oil deal in world history and said it comes “at no cost to” U.S. taxpayers.
The deal more than doubles the U.S. oil reserve, according to Trump. Earlier this month, Department of Energy data showed that oil volumes in the Strategic Petroleum Reserve had fallen to levels not seen since the 1980s.
The agreement follows the U.S. attack on Venezuela in January, during which Nicolás Maduro, the country’s then-president, and his wife, Cilia Flores, were captured.
Trump wrote that the transaction “will greatly strengthen the already growing relationship between Venezuela and the United States.”
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Source: www.cnbc.com — https://www.cnbc.com/2026/08/28/trump-announces-deal-with-venezuela-to-secure-more-than-65-billion-barrels-of-oil-reserves.html
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