US President Donald Trump has announced the biggest oil deal with Venezuela. The landmark agreement with Venezuela will give the US majority control over more than 65 billion barrels of proven crude oil reserves. He said the agreement was secured at no cost to the American Taxpayer and will more than double total American oil reserves.
The US administration claims the massive influx to the US oil supply will drive down domestic gasoline prices long-term while putting Venezuela’s economy on a path toward economic recovery. The announcement comes following months of intense US diplomatic pressure, sanctions enforcement, and direct oversight of Venezuelan oil exports aimed at stabilising the South American nation’s energy sector.
