Rubio says the deal could bring nearly $100bn in private investment to Venezuela
The new deal would represent a dramatic expansion of the U.S. role in Venezuela's oil industry. © Reuters
(Reuters) -- President Donald Trump on Friday announced an unprecedented U.S. push to take control of a fifth of Venezuela's vast oil reserves, betting that American companies can revive the OPEC nation's battered energy industry while delivering a new source of crude to help bring down U.S. fuel prices.
Trump provided few details about the agreement, saying only that the U.S. had secured majority control of more than 65 billion barrels of Venezuela's proven oil reserves through a partnership with private business.
"At my direction, Secretary of State Marco Rubio, and Secretary of War Pete Hegseth, working closely with Highly Respected Interim President of Venezuela, Delcy Rodriguez, and, through a partnership with private business, have secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer," Trump wrote on Truth Social.
