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Trump Strikes "Biggest Oil Deal In History": US To Take Majority Stake In Over 65BN Barrel
Trump announces deal with Venezuela: 65+ billion barrels of oil reserves
President Trump has made it official with a late in the day Friday Truth Social Post, announcing a deal has been struck with Venezuela for a US majority stake in more than 65 billion barrels of oil reserves, after six months of administration scrambling to control the Strait of Hormuz crisis.
On Truth Social he called it the biggest oil deal in world history which comes "at no cost to" U.S. taxpayers and which more than doubles the US oil reserve.
"This Transaction will greatly strengthen the already growing relationship between Venezuela and the United States," Trump wrote in the post. Also...
Trump said the Venezuela deal should bring down prices at the pump. The average price of a gallon of gas in the U.S. reached around $4.09 on Friday, a 27% increase year over year, according to AAA.
Over a dozen productive oil fields are said be central to deal, following US officials having long hyped Trump's "Donroe Doctrine" and what it can do to bolster American energy independence and security. Of course, instead of 'talks' or 'negotiations'... in reality this is more simply about demands be dictated to the 'new' post-Maduro US client state in South America.
Caracas Mulls OPEC Exit
Focus on the Strait of Hormuz is shifting to South America late in the week as the Trump administration moves to secure new long-term crude supplies in Venezuela. The U.S. is nearing an agreement that could place 17 Venezuelan oil fields under 100-year leases operated by U.S. oil companies.
According to Bloomberg, sources told the outlet that Caracas has discussed a possible exit from OPEC with U.S. officials. The sources said no final decision has been made, but the discussions come as the U.S. negotiates 100-year leases on several Venezuelan oil fields that require billions of dollars in investment.
Such an exit from OPEC would be symbolic, given that the South American country was one of the organization's five founding members in 1960 and played a key role in establishing the expanded OPEC+ alliance with Russia in 2016.
More recently, the United Arab Emirates became another producer to announce its departure from OPEC. Venezuela is only considering withdrawal, while Iraq has expressed frustration but has yet to announce a formal exit.