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.
- 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.