Trump says US-Venezuela oil agreement is the largest in history

U.S. President Donald Trump announced that the United States and Venezuela have concluded what he described as “the biggest oil deal in world history,” asserting that the agreement will dramatically increase American access to Venezuelan crude. The statement, made during a press briefing on Thursday, highlighted the removal of longstanding U.S. sanctions that had limited Venezuelan oil exports since 2019 and signaled a shift toward renewed commercial ties between the two nations. Trump said the deal would involve the shipment of hundreds of thousands of barrels of oil per day, though specific volumes and pricing terms were not disclosed.

The announcement comes amid ongoing negotiations over the terms of sanction relief and the broader geopolitical context of U.S. energy policy. Venezuelan officials have welcomed the development, indicating that the agreement could bolster the country's struggling economy, while industry analysts note that the impact on global oil markets will depend on the speed of implementation and the stability of the supply chain. The administration indicated that the deal will be formalized in the coming weeks, with both governments working to finalize the necessary regulatory and logistical arrangements.