economy
Trump announces new US oil agreement with Venezuela
US president says US will have ‘majority’ control of 65bn barrels of proven oil reserves
TL;DR
- US President Donald Trump announced an agreement for US majority control of 65 billion barrels of proven oil reserves in Venezuela.
- The deal was reportedly brokered through a partnership with private businesses by the Secretary of State and Defense Secretary.
- This agreement could more than double American oil reserves and potentially lower gasoline prices.
- Venezuela holds the world's largest proven oil reserves, estimated at 303 billion barrels.
- Venezuelan opposition figures criticized the deal as a "massive land grab" and "revolting."
- Other US energy companies, like Chevron, are expected to invest in Venezuelan oil fields soon.