Trump announces ‘biggest oil deal in world history’ with Venezuela - Al Jazeera
Former President Donald Trump proclaimed a historic U.S.–Venezuela oil deal that would give America access to 65 billion barrels of Venezuelan crude, though neither the Venezuelan government nor U.S. authorities have confirmed the agreement. Experts say the claim is premature, as current sanctions and political instability make such a partnership highly unlikely without major policy changes.
AI Objective Summary
Former President Donald Trump proclaimed a historic U.S.–Venezuela oil deal that would give America access to 65 billion barrels of Venezuelan crude, though neither the Venezuelan government nor U.S. authorities have confirmed the agreement. Experts say the claim is premature, as current sanctions and political instability make such a partnership highly unlikely without major policy changes.
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**Trump Claims Historic Oil Agreement With Venezuela**
Washington – In a televised address on Thursday, former President Donald J. Trump announced what he called “the biggest oil deal in world history,” claiming that the United States has secured control over Venezuela’s 65 billion barrels of crude reserves. According to Trump, the arrangement will allow U.S. firms to “tap into” the nation’s vast hydrocarbon resources, which have been largely inaccessible since Washington re‑imposed sanctions in 2019. The President‑elect’s remarks were echoed in a press release from the Trump campaign, which cited a “mutual agreement” between the two governments but offered no details about the legal framework, the companies involved, or the timeline for production.
Venezuelan officials have not confirmed the existence of such a pact, and opposition leaders have denounced the claim as a political stunt. Juan Guaidó’s opposition coalition released a statement calling the report “baseless” and warning that any U.S. involvement would exacerbate Venezuela’s economic crisis. The Venezuelan state oil company, Petróleos de Venezuela (PDVSA), also declined to comment when contacted. International observers note that any substantive oil partnership would require a reversal of U.S. sanctions, congressional approval, and a renegotiation of the 2015 oil‑for‑food arrangement that currently limits American companies’ access to Venezuelan fields.
Analysts are skeptical that the announced “deal” can be implemented without a dramatic shift in U.S. policy toward Caracas. The Treasury Department’s Office of Foreign Assets Control (OFAC) still lists PDVSA and its subsidiaries on the Specially Designated Nationals list, prohibiting U.S. persons from engaging in transactions with them. Moreover, the United Nations and several European nations have warned that any large‑scale extraction of Venezuelan oil must respect existing sanctions regimes and the country’s political turmoil. Until formal agreements are signed and sanctions are lifted, the purported control of 65 billion barrels remains unverified.
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