US and Venezuela reach 'historic' oil deal, Trump says

What the report says

President Donald Trump said the United States has reached a new oil agreement with Venezuela that would give Washington majority control of more than 65 billion barrels of the country’s proven reserves. The announcement, reported by BBC World News, was framed by Trump as a major energy and political breakthrough that could expand U.S. oil supply and help reduce gasoline prices. He said the arrangement was negotiated with Venezuelan interim president Delcy Rodriguez through a partnership with private business.

According to the BBC report, the deal’s terms have not been published. Trump said the agreement would come at no cost to U.S. taxpayers, but he did not spell out what commitments the United States would make or how control of the oil would be exercised. Secretary of State Marco Rubio described the arrangement as a win for both countries and said it could attract substantial private investment and create jobs in Venezuela.

The reported deal comes after a turbulent year in U.S.-Venezuela relations. The BBC noted that Trump previously ordered a military operation that led to the arrest of Nicolás Maduro and his wife earlier this year, and he had already signaled that the United States would seek access to Venezuela’s oil resources. Venezuela holds the world’s largest proven oil reserves, though its production has fallen sharply from earlier peaks. The reported agreement matters because it could reshape energy access, U.S. policy toward Venezuela and the country’s economic outlook, but key details remain undisclosed.