US Announces Deal for Majority Control of Venezuelan Oil Reserves

AI-generated NewsSnap summary based on source reporting.
Published: 2026-08-29
Category: world
Source: Financial Times

President Donald Trump announced a deal securing majority US control of over 65 billion barrels of proven oil reserves in Venezuela, which he described as 'the biggest oil deal in world history.' Venezuelan Acting President Delcy Rodriguez welcomed the agreement, projecting over $100 billion in investment and $209 billion in taxes for the country. This deal aims to significantly increase American oil reserves and lower gas prices, while also reviving Venezuela's oil industry.

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