/scanBusiness & economy
The 65 billion barrels are real. The deal is thinner than the headline.
Trump calls it the biggest oil deal in history. What was announced is a joint-venture stake, with capital, sanctions, and production still ahead.
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What was announced
Trump says the U.S. secured majority control of 65 billion barrels of Venezuelan reserves: a 55% share in a joint venture with a private Venezuelan company holding 100-year development rights.
What the claims say
Trump says the deal doubles U.S. reserves, costs taxpayers nothing, and could lower gas prices. Secretary of State Rubio projects nearly $100 billion in private investment.
What is not settled
Reserves are not production. The fields need years of work and major capital, and the announcement did not say who invests, on what timeline, or how sanctions fit in.