nuAug 29, 2026, 06:12

Trump announces 'historic' oil deal with Venezuela

President Trump has announced a new partnership to manage 65 billion barrels of Venezuelan oil reserves in an effort to stabilize U.S. gas prices and aid Venezuela's economic reconstruction. The deal involves collaboration with businessman Alejandro Betancourt, though the long-term feasibility of modernizing the sector and the immediate impact on global fuel markets remain debated by experts.

President Donald Trump has announced a significant oil agreement with Venezuela aimed at revitalizing the nation's neglected energy sector. Under this partnership, the United States claims control over more than 65 billion barrels of proven oil reserves across seventeen fields. The U.S. government is reportedly collaborating with Venezuelan businessman Alejandro Betancourt and his company, North American Blue Energy Partners, to spearhead this effort, despite reports of past money laundering investigations involving the executive. Trump claims the deal will reduce gasoline prices for Americans, though experts remain skeptical about the short-term impact given the extensive modernization required and the nature of Venezuelan heavy crude.

Venezuelan interim president Delcy Rodríguez and U.S. Secretary of State Marco Rubio have both lauded the agreement as a historic step for the country's economic recovery. Officials project the deal could generate substantial tax revenue and attract billions in private investment. While the initiative is positioned to aid the reconstruction of Venezuela, the timeline for achieving operational efficiency in the oil industry remains uncertain.

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Based on reporting by nu. Translated and condensed by LocalHeadlines.

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