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U.S. reaches deal for majority control of 65 billion barrels in Venezuela

The agreement is described as having been negotiated by U.S. officials including Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, according to reporting.

Reported · Written up by our desk · Trade & Tariffs

CNBC Markets and CNBC World report that the United States has struck a deal with Venezuela to obtain majority control of more than 65 billion barrels of the country’s oil reserves, after former President Donald Trump announced the agreement in a social media post.

SCMP Economy added that Trump said the deal was negotiated by U.S. Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, along with Venezuela’s interim President Delcy Rodriguez, in comments accompanying the announcement.

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