President Trump announces agreement for U.S. access to Venezuelan oil reserves

What happened

President Trump announced an agreement that he described as the biggest oil deal ever, which provides the United States with a stake in Venezuelan oil reserves.

The president stated that the deal grants the U.S. control over 65 billion barrels of oil and provides access to untapped reserves at cost.

Why it matters

The agreement is described as contentious and carries potential costs reaching into the billions of dollars.

Venezuela's interim president has characterized the deal as a necessary step toward the country's economic recovery.

Context

The announcement follows a period of diplomatic and economic focus on Venezuela's oil industry, which holds significant untapped reserves.