The new oil agreement between Washington and Caracas, according to U.S. Secretary of State Marco Rubio. The agreement comes at a time when U.S. strategic oil reserves have fallen to their lowest level since 1982 and high fuel prices are putting pressureon the Trump administration.

The U.S. Secretary of State argued that the agreement could serve as a catalyst for the revival of Venezuela’s economy, particularly its oil sector.

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“For the people of Venezuela, this agreement will attract nearly $100 billion in private investment, support thousands of well-paying jobs, and help rebuild the economy,” Marco Rubio said in a post on X.

The agreement comes after Donald Trump announced that the U.S. had secured majority control over the exploitation of more than 65 billion barrels of proven reserves in Venezuela.

The world’s largest oil reserves

Venezuela has the world’s largest proven crude oil reserves, estimated at approximately 303 billion barrels, accounting for about 17% of global reserves.

Despite its vast energy wealth, the country currently produces about 1% of the world’s oil.

Source: PROTO THEMA