President Trump has secured the biggest oil deal in world history,  delivering U.S. majority control of more than 65 billion barrels of proven oil reserves in Venezuela – vastly expanding our current U.S. territorial proven reserves of roughly 46 billion barrels. President Trump’s bold foreign policy is driving America First wins: this deal greatly increases America’s oil reserves, dramatically bolsters our oil supply, and helps deliver lower gas prices for the American people—costing taxpayers nothing! 

HERE’S WHAT YOU NEED TO KNOW: 

• This deal secures our energy dominance for the next century—all at zero cost to the United States. 

• The deal, signed by Secretary of State Marco Rubio and Secretary of War Pete Hegseth, gives the U.S. government powerful governance rights, economic ownership, and guaranteed low-cost off-take from a new private Venezuelan oil champion, which will be the second-largest private oil company by reserves in the world.

• Millions of barrels of new Venezuelan output will be processed through U.S. refineries and pumped with American rigs and infrastructure, supporting billions in investment in the United States and thousands of jobs here at home.

• This groundbreaking privatization and investment in Venezuela’s energy sector is a key step in the Trump Administration’s three-part plan of stabilization, reconstruction and democratic transition. Private-sector-led growth in production, output, and investment in Venezuela is a key precondition to driving continued reform and democratic transition following the incredible success of Operation Absolute Resolve.

• The majority of the incremental oil fields to be operated by NABEP were previously controlled or operated by Russian and Chinese firms, or by corrupt cronies of Maduro and Chavez. These malign foreign actors looted Venezuela’s resources for the benefit of American adversaries like Cuba, Russia and China and failed to invest in Venezuela’s infrastructure or development. 

• President Trump has re-established the Monroe Doctrine, purging foreign malign influence from our backyard and ensuring American dominance in our hemisphere is never again questioned. 

• By working with both new and old partners, President Trump’s Administration is forging new robust, strategic and defensible supply chains in our hemisphere to support the revitalization of our manufacturing and energy sectors after years of globalist decline.

CORRECTING THE RECORD AGAINST THE MAIN STREAM MEDIA’S BASELESS ATTACKS ON THE LARGEST OIL DEAL IN WORLD HISTORY:

• This is a deal with a private company – not the Venezuelan interim government.

• It’s not a deal with the interim government of Venezuela and there was not a political process included in the negotiations.

• The Trump Administration announced a 3-phase plan for Venezuela: stability, economic recovery, and reconciliation – and ultimately democratic transition. There can be no transition without a stable economy, and this deal will bring us to a place where elections are possible.  This is a country that has been plagued for decades with hyperinflation and virtually zero investment. This privatization helps make a democratic transition possible. It’s a good deal for the people of Venezuela and will supercharge their economic recovery.

• We have established new financial monitors, ensuring that oil revenues are put to productive uses for the Venezuelan people. We have instituted audits and robust governance protections to ensure that it’s not like PDVSA. Any amounts that NABEP allocates to PDVSA will go through the US-managed and audited account. 

• This deal is virtually identical to the way that Chevron operates in Venezuela. This oil has been underutilized and has been sitting in the ground when it could be used to propel economic recovery for the Venezuelan people. 

• The 17 fields included in this deal were not in the hands of or being operated by Venezuelans. They were being operated by corrupt and nefarious foreign actors. We are replacing them with an above-board U.S.-led system that will offer great benefits to both the American and Venezuelan people. 

• This deal has been struck with a private company that has the best track record of success of any company operating in Venezuela— a proven operator, who knows how to scale production and can operate there. This is a U.S. law contract that was negotiated with U.S. law firms and auditors to ensure strict audits and robust governance protections are included in the deal.

• This deal has been struck with a private company that already produces 250K barrels of oil a day. Because of the off-take rights, as soon as early next year, material production will be coming to the United States. 

• By the end of the year, there will be at-cost oil flowing to the market to help bring down gas prices for the American people. It will rapidly scale over the next year.

The post President Trump Secures the Biggest Oil Deal in World History appeared first on The White House.

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