This is one outlet's own report from Deutsche Welle — the article as it was filed. Other outlets are covering the same event; open the full story to compare every source side by side.
US President Donald Trump has announced an agreement with Venezuela to take control of 65 billion barrels of oil. The South American country has the world's largest proven oil reserves, but production has long stalled.
https://p.dw.com/p/5JbNf Advertisement President Donald Trump said Friday the US had reached a deal to take control of part of Venezuela's vast oil reserves.
He said the deal was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Venezuelan Interim President Delcy Rodriguez .
"The United States of America has just entered into an agreement with the country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!" Trump wrote on his Truth Social platform.
He added that it would be "at no cost to the American taxpayer."
Rodruiguez welcomed the "historic" deal, and said it would "have a significant impact on the rebirth of our nation."
She added it would bring in $100 billion (€86.3 billion) in private investment and generate more than $209 billion in tax revenue for the treasury.
Few details were clarified in Trump's initial announcement, but the deal promises to eventually more than double US oil stocks at a time when the strategic petroleum reserve is at a 40-year low.
Trump said the deal would cover 65 billion barrels worth of oil — a little over a fifth of the country's proven reserves.
American news website Axios, meanwhile, reported that the deal was a kind of "public-private partnership" between both governments and US oil companies.
The huge problem with Venezuela's oil To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video
Rubio said the deal would secure "stable reserves and low-cost oil" for the US while also driving "the reconstruction of Venezuela's economy."
"This deal is a huge win for both the American and Venezuelan people," he said.
The deal comes nearly nine months after US forces deposed and kidnapped Venezuelan leader Nicolas Maduro. He is now detained in New York City , where he faces federal narcoterrorism and drug trafficking charges.
Since then, and under intense pressure, Rodriguez has moved to open up Venezuela's oil sector to American investment.
Venezuela has the world's largest proven oil reserves totaling 303 billion barrels. But production has long lagged behind other major oil producing countries due to chronic mismanagement, decaying infrastructure and sanctions.
If you rely on our team for trusted reporting, please take a moment to select us as your Preferred Source on Google by clicking here and hitting the "star" or "preferred" button, so you'll always see our verified news first.
VenezuelaUS President Donald TrumpThe South American
AIPROPX is an independent multi-source news index — we track, compare, and connect coverage from across the web into one place you won't find anywhere else.
