U.S. President Donald Trump announced the signing of an agreement with the Venezuelan government on managing oil wells in the South American country. In a post on the Truth Social network, he called the deal “the largest oil agreement in world history” and said the document provides for the United States to gain majority control over Venezuela’s proven oil reserves, which exceed 65 billion barrels.
According to Trump, the agreement will more than double U.S. oil reserves and substantially increase crude oil supplies. The American president claims this should lead to a significant reduction in gasoline prices in the country. The post did not provide further details of the deal, including its legal terms and implementation timeline.
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