Trump announces Venezuela deal giving US access to vast oil reserves

WASHINGTON — President Donald Trump said Friday that his administration has reached a sweeping oil agreement with Venezuela that could give the United States access to vast amounts of the South American country’s reserves at cost.Trump called it “the biggest oil deal in world history,” saying the agreement was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Venezuela’s acting President Delcy Rodríguez.The Venezuelan government said the agreement covers the development of 17 oil fields with proven potential of 65 billion barrels. Caracas said the deal could attract $100 billion in investment into Venezuela’s oil industry and generate more than $209 billion in tax revenue.Rodríguez said the agreement would have a significant impact on Venezuela’s economic recovery.Under the agreement, the United States would partner with an unnamed private operator in Venezuela to establish a new private company controlling the reserves, according to a U.S. official familiar with the deal who spoke on condition of anonymity.Rodríguez granted the company rights to develop the oil fields for 100 years, the official said.The agreement would give the United States an effe