The deal will give the United States majority control of over 65 billion barrels of oil.
The White House announced that President Donald Trump has secured a massive deal with a private company for oil operations in Venezuela. The privatization and investment deal was signed by Secretary of State Marco Rubio and Secretary of War Pete Hegseth on Wednesday. American rigs and infrastructure will pump the oil, which will be processed through U.S. refineries.
The White House stated that the deal delivers “U.S. majority control of more than 65 billion barrels of proven oil reserves in Venezuela – vastly expanding our current U.S. territorial proven reserves of roughly 46 billion barrels.” The investment in Venezuela’s energy sector is a key step in the three-part plan from President Trump’s administration for stabilization, reconstruction, and democratic transition in that nation.
The White House continued, saying that the deal “gives the U.S. government powerful governance rights, economic ownership, and guaranteed low-cost off-take from a new private Venezuelan oil champion, which will be the second-largest private oil company by reserves in the world.”
The statement also explained that the deal “greatly increases America’s oil reserves… bolsters our oil supply, and helps deliver lower gas prices for the American people.” The administration said that material production will occur as soon as early next year.
As the Lord Leads, Pray with Us…
- For President Trump and his advisors as they negotiate energy and oil deals in other nations.
- For Secretary Rubio to be discerning in his discussions with foreign ministers and leaders.
- For Secretary Hegseth to seek God’s guidance as he heads the Pentagon.
Sources: The White House
