Trump Announces "Biggest Oil Deal In World History" With Venezuela - NDTV

**Trump Announces “Biggest Oil Deal in World History” With Venezuela**

Washington – In a televised address on Friday, former President Donald Trump declared that the United States had secured what he called the “biggest oil deal in world history” with the government of Nicolás Maduro in Venezuela. Trump asserted that the United States would gain control over an estimated 65 billion barrels of Venezuelan oil reserves, a figure that would dwarf any previous bilateral energy agreement. He framed the arrangement as a win‑win for both nations: a source of cheap fuel for the United States and a lifeline for Venezuela’s collapsing economy, which has been crippled by hyperinflation, shortages and U.S. sanctions for more than a decade.

The announcement, however, has been met with sharp skepticism and opposition. Venezuelan opposition leader María Corina Machado denounced the claim as a “smokescreen” meant to bolster Trump’s political ambitions ahead of the upcoming mid‑term elections, and warned that any foreign stake in Venezuela’s oil sector would undermine national sovereignty. In the United States, congressional leaders from both parties have urged caution, noting that any substantive deal would require the lifting of longstanding sanctions imposed by the Treasury’s Office of Foreign Assets Control (OFAC). As of Thursday, no formal memorandum of understanding or treaty has been filed with either the U.S. State Department or the Venezuelan Ministry of Petroleum, and the Department of Energy has declined to comment on the specifics of the alleged agreement.

Industry sources cited by Reuters confirm that Chevron is in preliminary talks with Venezuelan officials to explore the possibility of expanding its existing operations in the country, but they stress that any expansion would be contingent on the removal of U.S. sanctions and a clear legal framework. Analysts at the Brookings Institution warn that the political risk remains high: a change in U.S. administration or a shift in Venezuelan leadership could unravel any nascent partnership. Meanwhile, the International Energy Agency notes that even if the deal were to materialize, logistical challenges—such as outdated infrastructure, a decimated workforce, and the need for substantial investment—could delay any meaningful increase in oil output for years.