US and Venezuela reach historic oil deal

The US has reached a deal with Venezuela to control more than 65 billion barrels of its proven oil reserves, according to President Donald Trump.

Trump said the agreement would grant the US majority control of over 65 billion barrels of proven Venezuelan oil reserves, and will substantially lower Gas Prices for all Americans.

The agreement was reached through a partnership with private business, and details have not been released.

Secretary of State Marco Rubio called the deal 'a huge win for both the American and Venezuelan people'.

For the Venezuelan people, this deal will bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela's economy.

In his post, Trump said Rubio and Defence Secretary Pete Hegseth had reached the agreement with Venezuela's interim president, Delcy Rodriguez, 'through a partnership with private business'. He did not elaborate on the partnership or describe possible commitments and terms for the US in the deal, but he did say the agreement was reached 'at no cost to the American Taxpayer'.

On 3 January, Maduro and his wife, Cilia Flores, were seized in a military operation authorised by Trump.

In the hours after the raid, Trump said his administration would run Venezuela until a 'safe, proper and judicious transition' could take place, adding that the US would indefinitely control the sale of the country's oil.

Trump says Venezuela will be 'turning over' up to 50 million barrels of oil to US

Venezuela has the largest proven oil reserves in the world - an estimated 303 billion barrels. However, production has plummeted from its peak in the late 1990s.

Trump has asked US oil firms to invest at least $100bn (£75bn) to restore the country's oil industry.

He has also claimed the rights to Venezuela's oil after alleging that the country had 'unilaterally seized and sold American oil, American assets and American platforms, costing us billions and billions of dollars'.