00:00The U.S. and Venezuela have agreed on terms for a huge oil deal that could see Washington take control
00:06of more than 65 billion barrels of Venezuela's oil reserves.
00:11U.S. President Donald Trump had announced the agreement on Friday in a post on Truth Social, calling it the,
00:18quote, biggest oil deal in world history.
00:21Delcy Rodriguez, the acting president of Venezuela, which has the world's largest proven oil reserves, later confirmed the historic deal
00:29in a statement posted to social media.
00:32According to Rodriguez, the agreement, quote, calls for the development of 17 strategic fields and, quote, see investment of more
00:40than $100 billion and more than $209 billion in taxes for Venezuela.
00:46Venezuela has the largest proven oil reserves in the world, an estimated $303 billion barrels.
00:53Trump has long been candid about his desire for the U.S. to secure Venezuelan oil.
00:58However, many firms have remained wary with concerns over aging infrastructure and political uncertainty.
