Trump Announces U.S. Deal With Venezuela Over Access to Oil Reserves
President Trump says his administration has struck a broad agreement with Venezuela that could give the U.S. access to the country's vast, largely untapped oil reserves. The access reportedly comes at a cost, though further details remain unclear.
President Donald Trump has announced that his administration has entered into a sweeping agreement with Venezuela that could grant the United States access to large amounts of the South American nation's untapped oil reserves.
What the deal involves
According to Trump, the arrangement would give the U.S. potential access to reserves totaling roughly 65 billion barrels of oil. However, this access would not be free — the U.S. would pay for it. Specific terms, including the cost and the legal structure of the agreement, have not yet been disclosed.
Background
Venezuela holds one of the largest known oil reserves in the world, yet a prolonged economic and political crisis, compounded by international sanctions, has left much of that resource undeveloped. Should this agreement move forward, it could significantly reshape U.S. energy strategy as well as the relationship between the two countries.
Further details on how the deal would be implemented, the role of Venezuela's government in the process, and reactions from other international parties have not yet been made public.
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