U.S. Strategic Oil Reserves Hit Critical Low; Trump Announces Major U.S.-Venezuela Oil Deal | WPN World People News

U.S. President Donald Trump announced on the 28th that the United States has reached a major oil agreement with Venezuela. The deal will secure majority control of over 65 billion barrels of Venezuela's proven oil reserves through a public-private partnership. Trump called it "the largest oil deal in history," which is expected to boost U.S. oil reserves and drive down domestic gasoline prices.

Trump stated that he had directed Secretary of State Marco Rubio and Secretary of War Pete Hegseth to negotiate closely with Venezuela's Acting President Delcy Rodríguez. This ultimately led to a partnership between the U.S. government and Venezuelan private operators to develop 17 oil fields. The agreement involves over 65 billion barrels of oil reserves and is expected to attract approximately $100 billion in investment.

The White House stated that the deal will help rebuild Venezuela's aging oil infrastructure and increase crude oil supplies. The Venezuelan government estimates that the oil field development could significantly boost oil production and generate around $209 billion in tax revenue for the government. Trump emphasized that the agreement will more than double the oil reserves controlled by the United States and help replenish the Strategic Petroleum Reserve. The U.S. also hopes that by increasing the supply of Venezuelan crude, it can alleviate the impact of recent high oil prices on the American public.

However, the specific legal and financial framework of the agreement has not yet been fully disclosed. Analysts point out that due to years of underinvestment and aging infrastructure in Venezuela's oil industry, it may still take years for the implementation of the agreement to translate into actual production increases.