BBC News · WorldNews · 2026-08-28
US and Venezuela reach 'historic' oil deal, Trump
US and Venezuela reach 'historic' oil deal, Trump says. Trump says US has ' historic' deal to control 65bn barrels of Venezuela's oil. Secretary of State Marco Rubio called the deal "a huge win for both the American and Venezuelan people" Venezuela has the largest proven oil reserves in the world - an estimated 303 billion barrels. However, production has plummeted from its peak in the late 1990s. Venezuela's interim president, Delcy Rodriguez, hailed the deal as significant to her country's revival.
Why it matters. Why it matters: US and Venezuela reach 'historic' oil deal, Trump says.
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