Trump announces deal securing US control of more than 65 billion Venezuelan oil reserves

President Trump announced a deal giving the United States majority control of more than 65 billion barrels of proven Venezuelan oil reserves. The deal gives the United States 55% effective output from a new joint venture oil company. Officials negotiated the deal with Venezuela's interim leadership and private partners at Trump's direction. Secretary of State Marco Rubio and Secretary of War Pete Hegseth worked on the agreement with interim President Delcy Rodriguez. Trump said the transaction would cost American taxpayers nothing. Trump said the transaction would more than double US oil reserves. Trump said the transaction would increase oil supply and lower gas prices for all Americans. Rubio called the deal a huge win. Rubio said it would bring nearly $100 billion in private investment. Rubio said it would support thousands of high-paying jobs. Rubio said it would drive reconstruction of Venezuela's economy. The arrangement includes 100-year concessions for fields in the Orinoco Belt. The arrangement also includes 100-year concessions for fields in Lake Maracaibo. Equity ownership and at-cost off-take will support the US strategic petroleum reserve and military needs. The initiative will increase oil supply and lower gas prices.