US and Venezuela sign 25-year oil agreement

U.S. President Donald Trump described a newly announced agreement with Venezuela as “the biggest oil deal in world history,” while the country’s interim president, Nicolás Rodríguez, emphasized that the pact will keep Venezuelan oil under national control. The 25‑year arrangement, negotiated with Washington, grants U.S. firms access to an estimated 65 billion barrels of Venezuelan crude and is intended to help revitalize the nation’s oil sector, which has been crippled by sanctions and economic collapse.

Rodríguez said the deal preserves “ownership of and sovereignty” over Venezuela’s resources, assuring citizens that the country will retain ultimate authority despite foreign involvement. The agreement, hailed by both leaders as historic, aims to stimulate production, generate revenue, and restore a measure of stability to the struggling oil industry.