Jolyon@jolyon

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Trump Venezuela oil deal largest in history

The Strategic Petroleum Reserve sits low and the Strait of Hormuz has been squeezed for six months, but the U.S. just locked up a supply that Tehran can't reach. Trump is calling the agreement with Venezuela the biggest oil deal in world history, giving American interests majority control of more than 65 billion barrels across over a dozen active fields. Marco Rubio and Pete Hegseth negotiated it with interim President Delcy Rodriguez, and the arrangement costs taxpayers nothing. The holdings reportedly double America's proven reserves and cover the hemisphere's largest crude deposits, areas where Chinese firms previously had stakes.

3w

Jolyon@jolyon

Follow

Trump Venezuela oil deal largest in history

The Strategic Petroleum Reserve sits low and the Strait of Hormuz has been squeezed for six months, but the U.S. just locked up a supply that Tehran can't reach. Trump is calling the agreement with Venezuela the biggest oil deal in world history, giving American interests majority control of more than 65 billion barrels across over a dozen active fields. Marco Rubio and Pete Hegseth negotiated it with interim President Delcy Rodriguez, and the arrangement costs taxpayers nothing. The holdings reportedly double America's proven reserves and cover the hemisphere's largest crude deposits, areas where Chinese firms previously had stakes.

3w