U.S. President Donald Trump said he had reached a deal for a large-scale oil transaction with oil-rich Venezuela.
On the 28th, local time, President Trump said on his social media Truth Social, "The United States has just reached an agreement on the largest oil transaction in world history with Venezuela."
He said, "Minister of State Marco Rubio and War Minister Pete Hegseth will work closely with Venezuela's respected Acting President Delcy Rodríguez," adding, "Through partnerships with private corporations, we secured for the United States a majority stake of control over more than 65 billion barrels of Venezuela's proven oil reserves without burden to the taxpayer."
Venezuela is regarded as the country with the world's largest crude oil reserves. Once a leading anti-U.S. nation in Latin America, it has maintained cooperative ties with the Trump administration in the United States since former President Nicolás Maduro was ousted in a U.S. military operation ordered by President Trump in Jan.
Attention is also on how this oil transaction will affect international oil prices and energy prices in the United States. With global oil prices surging due to the fallout from the Iran war, increased supplies of Venezuelan crude could influence price stability.
President Trump emphasized that the agreement would more than double U.S. oil reserves. He said, "This historic transaction will, for a long time, substantially lower gasoline prices for all Americans and help Venezuela move toward tremendous success and great prosperity."
He added, "This transaction will greatly solidify the already growing relationship between Venezuela and the United States."