US secures control of 65 billion barrels in Venezuela oil pact, Trump says

President Donald Trump announced Friday that Venezuela has agreed to give the United States majority control of more than 65 billion barrels of proven oil reserves, a move he said would help lower gas prices amid frustration over costs linked to the Iran war, according to POLITICO.

The White House released no details on the deal’s structure. Secretary of State Marco Rubio credited the agreement with Venezuelan President Delcy Rodriguez, saying it would bring nearly $100 billion in private investment.

Analysts questioned whether it would meaningfully affect prices soon.