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Trump says US has entered deal with Venezuela to take control of 65 billion barrels of oil reserves

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Trump says US has entered deal with Venezuela to take control of 65 billion barrels of oil reserves

President Donald Trump on Friday said the U.S. has entered an agreement with Venezuela to take control of 65 billion barrels of the South American country’s oil reserves.

Trump in a social media post announced the agreement he said was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Venezuela’s interim President Delcy Rodriguez.

“The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!” Trump wrote.

The announcement of the deal comes nearly nine months after the U.S. military at Trump’s direction carried out an operation to capture Venezuela’s president Nicolás Maduro and spirit him to the United States to face federal narcoterrorism and drug trafficking charges.

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Trump faces mounting pressure to address high gas prices as the war in Iran reaches a six-month milestone with no conclusion in sight. The U.S. has tapped its strategic petroleum reserves, which in early August fell below 300 million barrels, down by more than 100 million barrels since the start of 2026.

In the days following Maduro’s ouster in January, Trump floated the idea of U.S. oil companies returning to Venezuela to tap its oil reserves. Trump has argued that Venezuela stole U.S. oil when former Venezuelan President Hugo Chavez’s moved decades ago to nationalize hundreds of foreign-owned assets, including those owned by American oil companies.

Venezuela has one of the largest oil reserves in the world, with an estimated 303 billion barrels of crude oil in the ground. That’s about 17% of the world’s supply, according to the U.S. Energy Information Administration. Unlike other parts of the world, where geologists have to search for untapped oil, the reserves under Venezuela’s soil are largely mapped and known, experts say. But because of dilapidated infrastructure, the country only produces about 1% of the world’s oil.

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Big Church Festival on ‘lockdown’ as ‘multiple people injured after serious incident’

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Daily Record

Emergency services have responded to a serious incident at Big Church Festival in West Sussex, with multiple people reported injured. The site is said to be on lockdown, with people not allowed to get in or out, as ambulance crews and critical care paramedics attend the scene.

A UK festival was put on “lockdown” as “multiple people” were injured after a sign reportedly fell over. Emergency services were called to Big Church Festival in West Sussex just after 3.30pm today (Friday, August 28).

South East Coast Ambulance Service said six people were being treated by paramedics as the air ambulance was also spotted above the site. A news reporter from Premier Christian News told the outlet people were not allowed to get in the site after the incident, reports the Express.

They said: “We’ve been told that the site is on lockdown, with people not allowed to get in or out.”

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A Big Church Festival spokesman said: “Big Church Festival 2026 has been paused following a serious incident on site, and no further programme will take place today. First and foremost, our thoughts and prayers are with those who have been directly impacted by the incident.

“We understand this will be deeply disappointing for the thousands who have joined us at the festival. We are working closely with the emergency services and relevant authorities. Further announcements will be made as more information becomes available.

“We are grateful for the understanding, patience, and prayers of our community at this time.”

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South East Coast Ambulance Service confirmed it attended the Wiston Park site. A spokesman said: “South East Coast Ambulance Service was called to reports of multiple people in need of medical attention at Wiston Park, Steyning shortly after 15.30hrs today (Friday, 28 August 2026).

“Ambulance crews, critical care paramedics and specialist response teams are currently on scene with six patients confirmed so far. We have no further information to share at this time but will provide updates as soon as possible.”

A Sussex Police spokesman said: “Emergency services are currently responding to an incident at an event near Steyning. It follows reports of a sign having fallen and injured a number of people at the site in Washington Road.

“Police were called at around 3.38pm and remain at the scene, assisting other emergency services, at this time.As a result, there is likely to be some traffic disruption in the local area, and we would urge the public to seek alternative routes if possible.

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“We have no further information at this time, but will provide any updates as soon as we are in a position to do so.”

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Teen pulled from River Nith after ‘collapsing near water’ as family ‘devastated’

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Daily Record

Kenzie Carmichael, 16, died following an incident on the River Nith in Dumfires.

A teenager has died following an incident at a Scots river. Emergency services were called to the Boathouse on Nith Avenue in Dumfries after a report a boy collapsed near the River Nith.

Kenzie Carmichael, 16, from Dumfries was rescued from the water by emergency crews. Despite the best efforts of paramedics, he was pronounced dead at the scene.

It is understood Kenzie, nor anyone else in the area, had been playing within the River Nith.

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Police Scotland are now appealing for help to establish the full circumstances of his death but have said they do not believe that the incident was suspicious.

Detective Inspector Scott Wilson said: “Kenzie’s family and friends are devastated and it’s vital we get them answers for how he died. We do not believe the circumstances of this incident are suspicious or that Kenzie, or anyone else present, had been playing within the river.

“I am appealing to anyone who was in the area of the Boathouse on Wednesday evening to contact us, no matter how insignificant you think your information may be, please do pass it on. It could be crucial in helping us establish the full circumstances of Kenzie’s death.”

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A spokesperson for Police Scotland said: “Officers are appealing for information following the death of a teenager in Dumfries.

“Around 7.35pm on Wednesday, August 26, police received a report a boy had collapsed near to the Boathouse, Nith Avenue.

“Emergency services attended and a 16-year-old boy was removed from the water and pronounced dead at the scene. He can be named as Kenzie Carmichael from Dumfries.

“A report has been submitted the Procurator Fiscal.

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“Anyone with information is asked to contact Police Scotland on 101, quoting incident 3297 of Wednesday, August 26.”

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Need School Shoes Fast? Kicker Has A Unisex Budget Option With Next Day Delivery

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Need School Shoes Fast? Kicker Has A Unisex Budget Option With Next Day Delivery

Woof. Back to school shopping is expensive – and it’s only getting more so each year.

According to analysis by Save My Exams, the back to school shop will set you back 20% more this year than it did five years ago. So we don’t blame anyone for trying to cut corners.

We’ve already rounded up the most affordable school uniform to shop – get that next day delivery while you still can! – but if you’re after a pair of school shoes that will last, and be at your house by the beginning of term time, there’s one pair we’d highly recommend.

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Kicker’s newest pair of shoes is not only unisex, but comes in at just £35.

They might be affordable, but that doesn’t come at the expense of durability, as these trainer-style school shoes are designed to withstand the rough and tumble of the playground.

They’re made from synthetic leather, which equals a shorter break in period (thank god – no more moaning about blisters) and means they’re easier to clean.

Most importantly, they feel comfortable on the foot, as they’re super lightweight and are lace up, so they have an adjustable fit.

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If you’ve left it last minute to grab a pair of school shoes, don’t worry, because Kickers are available to order with free next day delivery, so they’ll arrive just in time if you stock up now.

Are the Mervans not quite your style? There are also a ton of other school shoe options available with next day delivery on Kicker. These are some of our faves.

Best affordable Kicker school shoes

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Somali piracy surges as the impact of the US-Iran war ripples outwards

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A man - with his back to the camera - stands on some rocks to the left of the picture. Holding a gun across his shoulders, he is looking out to sea where a tanker is in the far distance.

The security sources say six international warships are now in the seas close to the Lutuf – two from Turkey and one each from Spain, Denmark, the US and India, something the BBC has not been able to independently verify.

“There is military equipment on the [hijacked] ship meant for Turkey’s operations in Somalia,” the Somali government official said, speaking on condition of anonymity, adding that the cargo included satellite equipment for a space station that Ankara is building north of the capital.

He alleged that Turkey had carried out the second drone strike that killed nine armed men on Sunday.

“The men who were killed were criminals and I don’t have sympathy for them,” he said, “but taking it to that level is escalating the situation even more.”

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Turkey’s defence ministry has stated that its forces are providing “necessary support” to Somali authorities regarding the incident involving a hijacked vessel in Somali territorial waters, within the framework of their security agreement. But it stopped short of addressing the accusations that Turkey had carried out deadly drone strikes.

Publicly the government in Mogadishu has said only that it is aware of the operations against pirate groups and will take measures to address them.

Puntland authorities have been more outspoken.

Speaking to the BBC’s Somali Service, Deputy Minister of Security Abdirahman Yusuf said his administration had evidence that Turkey was responsible for the attacks, citing information about Turkish activity around the vessel and along the Puntland coast.

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The BBC has not independently verified his allegations.

The security ministry also issued a statement expressing opposition to “bombings by international warships targeting civilians” that “undermined co-operation… in combatting piracy”, and demanded an immediate explanation for why they were carried out.

Puntland is wary of Turkey’s close military relationship with the Somali government, and the incidents risk further complicating a long-standing political dispute between the semi-autonomous region and Mogadishu that hinders a co-ordinated effort to fight piracy, analysts say.

There is not yet a full-blown resurgence. But without an end to the US-Iran war, or increased international efforts at deterrence, Somali piracy stands to continue raising the threat level in a crucial maritime space that is already dangerously squeezed.

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Additional reporting by Mohamed Gabobe in Mogadishu and the BBC Somali Service

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Man Allegedly Beaten By ICE Demands Police Treat It As A Crime

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Man Allegedly Beaten By ICE Demands Police Treat It As A Crime

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First picture of Irish woman who died with husband in Spanish hot tub tragedy

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Thomasina Tobin, 51, was a member of the highly respected McArdle family from Castleblayney, but had been living and working in London for around 20 years

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This is the Irish mum and businesswoman who tragically lost her life during a family holiday in Spain.

Thomasina Tobin, née McArdle, originally from Co Monaghan, was discovered dead alongside her New Zealand husband Patrick near Valencia in the country’s east on Tuesday – with fears now mounting they perished in a freak accident.

The pair were found deceased in a hot tub, with sources indicating one line of enquiry suggests they may have suffered electrocution while in the hot tub – or succumbed to toxic fumes.

Mrs Tobin, 51, hailed from the esteemed McArdle family of Castleblayney, though she’d been residing and working in London for roughly two decades.

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Her father is Tommy McArdle, a renowned playwright, actor and producer – who dedicated numerous years to directing RTÉ’s drama Glenroe, reports Belfast Live.

He’s celebrated for his collaborations with his brother John, himself a writer and actor.

The brothers also both represented Monaghan in football.

Mrs Tobin held a degree from Trinity College Dublin and practised as a Chartered Surveyor.

Notable UK projects she contributed to included the Ritz and Shard building, both situated in London.

She and Mr Tobin, 48, had two teenage children who were accompanying them when the tragedy unfolded on Tuesday at approximately 4pm Irish time. The couple were discovered deceased at a hot tub in their rented holiday accommodation within Cap Blanc, an exclusive gated estate in Cullera.

The development’s properties boast Mediterranean Sea views, while Cap Blanc beach stretches 630 metres along the semi-urban coastline. Cullera, situated approximately 25 miles south of Valencia, has a population of around 25,000.

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The Department of Foreign Affairs has confirmed to the Irish Mirror that it is aware of the incident and is providing consular support for one Irish citizen involved in the case.

Early reports suggested both Mr and Mrs Tobin were Irish nationals, however it was subsequently confirmed he was from New Zealand.

A departmental spokeswoman stated to the Irish Mirror: “The Department is aware of this case and is providing consular assistance in the case of the Irish citizen concerned.

“As with all consular cases, the Department does not comment on the details of individual cases.”

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The pair’s two young children are understood to have raised the alarm with the property owner after discovering their parents’ bodies at the rented villa near Valencia at approximately 5pm local time on Tuesday.

Murder detectives from the local force initially examined the deaths, though Spanish authorities have since determined there were no indications of violence or suspicions of criminal activity.

Officers from Cullera Town Hall’s police force attended the scene alongside the Civil Guard, which has now assumed responsibility for the investigation. Three of Mrs Tobin’s relatives departed Monaghan on Tuesday evening, touching down in Valencia during the early hours of Wednesday morning.

They have since taken charge of caring for the couple’s children.

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Spanish media outlets report that post-mortem examinations have been concluded, with foul play eliminated from enquiries, as investigators pursue the possibility that the deaths occurred accidentally.

According to these reports, one hypothesis under scrutiny suggests Mrs Tobin became trapped in the hot tub due to a mechanical malfunction, with her husband attempting a rescue – resulting in both suffering electrocution. Alternatively, the reports indicated they may have succumbed to toxic vapours emanating from the hot tub.

Residents of Castleblayney expressed profound dismay at the tragic deaths.

One man told us: “The McArdle family are well known and highly respected. It is a terrible tragedy. Everyone is devastated.”

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Colombia captures a suspected Tren de Aragua gang leader

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Colombia captures a suspected Tren de Aragua gang leader

BOGOTA, Colombia (AP) — Colombian security forces captured a suspected senior leader of the Venezuelan gang Tren de Aragua, the U.S. Southern Command announced on Friday, hailing the arrest as a result of stronger military cooperation between the historically close allies.

The capture on Thursday of Luis Saúl Pérez Nieto, who Colombian authorities described as having coordinated the gang’s weapons and drug-trafficking networks across the region, offers an early sign of how rapidly the two countries have intensified their joint efforts against organized crime under Colombia’s new conservative president, Abelardo de la Espriella.

An admirer of U.S. President Donald Trump, de la Espriella came to power earlier this month promising to crush his country’s powerful drug traffickers with help from Washington. His government has named Medellín, Colombia’s second-largest city, as the hub of Trump’s new regional anti-cartel alliance and welcomed joint operations with the U.S. military on Colombian soil in a sharp break from his progressive predecessor.

“Narco-terrorists have no safe haven in our hemisphere,” the U.S. Southern Command said in its statement on Friday announcing the capture of Pérez Nieto. “We stand united with our partners to dismantle these criminal networks and protect our homeland.”

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Arrest in Colombia

Pérez Nieto, known by the aliases “Páez” and “Nairobi,” was captured in an operation that also involved the U.S. Drug Enforcement Administration (DEA), Colombian police said, without elaborating.

Colombian police accused Pérez Nieto of leading the expansion of Tren de Aragua in Peru while coordinating drug and arms trafficking across the continent, helping transform what began as a prison gang operating from Venezuela’s Tocorón penitentiary into a transnational criminal syndicate.

In 2023, Pérez Nieto escaped from that prison along with his close confidant, the gang’s leader, Héctor “Niño Guerrero” Guerrero Flores, Colombian police added. Guerrero Flores was killed in a U.S. military strike in a rare collaboration with Venezuela earlier this year.

The Trump administration last year designated Tren de Aragua a foreign terrorist organization, part of its effort to treat Latin American cartels as national security threats rather than conventional criminal groups. However, Trump has at times overstated the gang’s connections in an effort to justify deporting Venezuelans, The Associated Press previously reported.

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“Congratulations to President Abelardo de la Espriella and the Colombian National Police on the capture of Luis Páez Nieto, a senior Tren de Aragua leader,” DEA Administrator Terry Cole said.

Colombian and Peruvian authorities said the U.S. had requested Pérez Nieto’s arrest and extradition on charges of terrorism, money laundering, drug trafficking and criminal conspiracy. The Trump administration has not publicly detailed the case against him. The DEA did not respond to questions about the charges against Pérez Nieto in the U.S. or its role in the operation.

Increased cooperation at the Colombian-Ecuadorian border

Earlier this week, U.S. Southern Command chief Gen. Francis Donovan met Colombia’s defense minister and military leaders in the port city of Tumaco before traveling to Ecuador for regional security talks focused on the volatile border between the two countries, rife with drug smuggling, illegal mining and human trafficking.

During his visit, Donovan said that U.S., Ecuadorian and Colombian officials had agreed on a strategy to “hunt cartel leadership, shatter their logistics and permanently deny them safe haven.”

“The border between Colombia and Ecuador is a geographic chokepoint that violent cartels have long exploited,” he said. “Today, we are changing the game.”

Colombia and Ecuador are among the few regional governments that have agreed to allow joint operations with U.S. forces against criminal groups on their territory, part of the Trump administration’s efforts to extend its lethal campaign against suspected drug smuggling boats to land.

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Chile celebrates Tren de Aragua extradition as security success

It comes as South American voters increasingly elect Trump-aligned conservative leaders who have called for far-reaching security crackdowns.

Among them is Chilean President José Antonio Kast, whose government has struggled to deliver on its sweeping promises to curb crime and carry out and mass deportations.

But on Friday, Chilean officials celebrated a victory as they announced the arrival of two alleged Tren de Aragua leaders extradited from the U.S. and Colombia to face charges in Chile related to the abduction and killing of former Venezuelan army Lt. Ronald Ojeda in 2024. The body of the Venezuelan dissident, who had sought political asylum in Chile, was found inside a suitcase buried beneath a cement slab in Santiago, the capital.

Chilean authorities have charged Rafael Enrique Gámez Salas, the alleged leader of Los Piratas, the main branch of Tren de Aragua in Chile, with kidnapping, extortion and criminal association, among other offenses.

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The other suspect, Alfredo Camilo Carrillo Ortiz, alias “El Gocho,” was extradited from Colombia. Chilean prosecutors accuse him of helping plan and carry out the killing and running the informal settlement where Ojeda’s body was buried.

Chile’s undersecretary for public security, María del Pilar Giannini, called the extraditions “a concrete demonstration” of the Kast government’s crusade against organized crime. “We are going to pursue them to the very end,” she said.

U.S. officials praised Gámez’s extradition from California, where he was serving a federal prison sentence for illegally reentering the country. Attorney General Todd Blanche called it “evidence of the strong cooperation with our Chilean partners to combat transnational crime, dismantle foreign terrorist organizations like Tren de Aragua and hold members accountable for their heinous criminal acts.”

___

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DeBre reported from Buenos Aires, Argentina.

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Man killed at Big Church Festival with six in hospital after ‘serious incident’

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Manchester Evening News

Big Church Festival was put on ‘lockdown’ after the sign fell and killed a man

A man has died with others seriously injured at a UK festival after a ‘serious incident’ put the event into ‘lockdown’.

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Sussex Police said they were called to the Christian festival, Big Church Festival, at 3.38pm today after reports a large sign had fallen and ‘injured a number of people at the site’. A man, 41 and from Eastbourne, died at the scene, the force said in a statement tonight.

Detective Chief Superintendent Richard McDonagh said: “This is a tragic incident and our thoughts go out to the man’s family and friends at this incredibly difficult time.

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“At least six other people were also injured during this incident and have been taken to hospital for treatment. I recognise the immense distress this will have caused people at the festival, and we are working with a number of partners as we seek to establish exactly what happened.

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“We know there were thousands of people at the festival and we’re urging anyone with any information, or any relevant video footage, to please come forward. You can report it online or call 101, quoting Operation Igloo.”

A police spokesman added: “A section of the A283 was temporarily closed between Washington Roundabout and the B2135 Horsham Road, to allow emergency services to respond.

“Police and partners remain at the scene at this time, and we would urge the public to avoid the area wherever possible.

“We thank you for your patience and understanding, and we will provide any further updates on this channel as soon as we are in a position to do so.

“The Health and Safety Executive and local authority have been informed. Big Church Festival has announced the event will be paused and no further programme will take place today.”

The festival began on Friday and had been set to run until Sunday. Big Church Festival said in an earlier post on Instagram: “We are very sorry to inform you that today’s show has been cancelled due to a serious incident.

“All day visitors must leave the site now. If you are camping with us, please return to your campsite and await further updates. Campers may leave the site if they wish to do so.

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“Thank you for your patience and understanding. We will share further updates as soon as we can.”

In a later statement, the organisers added that their “thoughts and prayers are with those who have been directly impacted by the incident”.

“We understand this will be deeply disappointing for the thousands who have joined us at the festival,” a Big Church Festival spokesperson said.

“We are working closely with the emergency services and relevant authorities. Further announcements will be made as more information becomes available. We are grateful for the understanding, patience, and prayers of our community at this time.”

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South East Coast Ambulance Service verified it attended the Wiston Park venue. A spokesman said: “South East Coast Ambulance Service was called to reports of multiple people in need of medical attention at Wiston Park, Steyning shortly after 15.30hrs today (Friday, 28 August 2026).

“Ambulance crews, critical care paramedics and specialist response teams are currently on scene with six patients confirmed so far. We have no further information to share at this time but will provide updates as soon as possible.”

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Mountain of fridges is building, warns national council body

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A huge pile of broken fridges is pictured, with white doors removed from some units.

Fridges and freezers require specialist dismantling due to the gases they contain, which can be harmful to the environment if not disposed of safely, but three of the UK’s 10 full-scale processing plants have closed in the last 12 months.

The three closures – due to a fire, bankruptcy and a change of use – have been compounded by this year’s heat waves, as the remaining plants cannot operate above 30 degrees Celsius.

Industry body the Environmental Services Association said this year’s closures had ended up “knocking out capacity suddenly” and executive director Jacob Hayler said:

“The result is that capacity is now constrained nationally until facilities can be brought back online or new capacity is permitted and developed.”

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Fridges from the UK are now being exported to Europe to meet demand, with only one more UK processing plant due to open next year.

Funding for processing relies on the companies that make white goods, who must register with a compliance scheme and tell them how many tonnes of appliances they sell per year, then the scheme collects the same weight of material and coordinates disposal.

The recycling of white goods is handled by 15 producer compliance schemes, who coordinate the collection, recycling and disposal of units from the UK, increasingly via European processing plants.

The largest of these compliance schemes is not-for-profit Ecogenesys, which works with about 85 councils in the UK, and is supporting the development of new UK fridge processing infrastructure.

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Ecogenesys chief executive Graeme Milne said European processing plants would provide a temporary stop-gap but the UK needed more processing capacity in the long-term, adding: “The UK fridge recycling sector has faced exceptional pressures this summer, but we expect the situation to begin to ease as the seasonal peak passes.”

John Redmayne, the managing director of another compliance scheme, the European Recycling Platform, said the UK is “facing a genuine capacity crunch” on recycling old fridges, adding the industry consensus “points to a six to twelve month recovery”.

The bottleneck in the disposal of white goods has led to fears of increased flytipping as the government starts a major crackdown on illegal waste dumps.

Country Land and Business Association president Gavin Lane said finding a flytipped fridge dumped in a field was “a farmer’s nightmare”.

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“It can cause hours of disruption, stress, and clean-up bills running into the thousands,” he said, calling on the government to get the system working.

One of England’s 11 so-called illegal “super sites”, the Kidlington dump of about 22,000 tonnes of waste in Oxfordshire has been cleaned up this week – but at a cost of £6m to the public purse.

The government is now targeting organised crime gangs, who are behind hundreds of illegal dumps are operating across England, to seize assets bought with the proceeds of crime, as well as hiking fines from £300 to £5,000.

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Trump announces record-breaking oil deal with Venezuela to double US reserves and slash gas prices

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Donald Trump claimed he's landed the 'biggest oil deal in world history,' giving the US control of over 65 billion barrels of proven oil reserves in Venezuela

Donald Trump claimed he’s landed the ‘biggest oil deal in world history,’ giving the US control of over 65 billion barrels of proven oil reserves in Venezuela. 

The President has sought American control over the South American nation’s reserves since it deposed dictator Nicolas Maduro earlier this year in Operation Absolute Resolve. 

Trump credited Marco Rubio and Pete Hegseth on brokering the deal with Interim President of Venezuela Delcy Rodriguez and private businesses, which Axios reported includes American oil firms. 

‘This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans, long into the future, while helping to continue to set Venezuela on a course toward Tremendous Success and Great Prosperity,’ Trump said on Truth Social.

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Trump also promised the deal came at ‘no cost to the American taxpayer.’

‘This Transaction will greatly strengthen the already growing relationship between Venezuela and the United States!’

The deal is the second Trump has made with the new Venezuelan government since early January’s late night deposition of Maduro

The president has openly stated that the military operation to oust Maduro was, in part, an attempt to extract some of oil-rich Venezuela’s stock. 

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Donald Trump claimed he’s landed the ‘biggest oil deal in world history,’ giving the US control of over 65 billion barrels of proven oil reserves in Venezuela

The deal is the second Trump has made with the new Venezuelan government since early January's late night deposition of Maduro

The deal is the second Trump has made with the new Venezuelan government since early January’s late night deposition of Maduro

Rodriguez previously served as Maduro’s Minister of Petroleum and Hydrocarbons. 

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In a post to X, Secretary of State Rubio called the deal ‘a huge win for both the American and Venezuelan people.’

‘It demonstrates how President Trump’s bold foreign policy is driving America First wins: securing stable reserves and low-cost oil in our Hemisphere and lowering gas prices here at home,’ he said.

‘For the Venezuelan people, this deal will bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela’s economy.’

Trump faces mounting pressure to address high gas prices as the war in Iran reaches a six-month milestone with no conclusion in sight. 

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The US has tapped its strategic petroleum reserves, which in early August fell below 300 million barrels, down by more than 100 million barrels since the start of 2026.

In the days following Maduro´s ouster in January, Trump floated the idea of U.S. oil companies returning to Venezuela to tap its oil reserves. 

Trump has argued that Venezuela stole US oil when former Venezuelan President Hugo Chavez’s moved decades ago to nationalize hundreds of foreign-owned assets, including those owned by American oil companies. 

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The president has openly stated that the military operation to depose leader Nicolas Maduro  was, in part, an attempt to extract some of oil-rich Venezuela's stock

The president has openly stated that the military operation to depose leader Nicolas Maduro  was, in part, an attempt to extract some of oil-rich Venezuela’s stock

Venezuela has one of the largest oil reserves in the world, with an estimated 303 billion barrels of crude oil in the ground. 

That´s about 17 percent of the world´s supply, according to the U.S. Energy Information Administration. 

Unlike other parts of the world, where geologists have to search for untapped oil, the reserves under Venezuela´s soil are largely mapped and known, experts say. 

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But because of dilapidated infrastructure, the country only produces about one percent of the world´s oil.

The US-Israel war against Iran has led to a dramatic slowdown of Gulf oil moving through the Strait of Hormuz, which about 20 percent of the world petroleum passed through prior to the conflict.

The average price of gas in the US stood at about $4.09 a gallon on Friday, according to AAA. The average price was $3.21 at the same time last year.

Trump in his social media post Friday evening alluded to the Venezuela deal being part of a private partnership. 

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The White House did not immediately reply to The Daily Mail’s request for comment about the private sector partners involved in the deal, and details on how the arrangement would work were not provided.

Trump credited Marco Rubio and Pete Hegseth on brokering the deal with Interim President of Venezuela Delcy Rodriguez (pictured)

Trump credited Marco Rubio and Pete Hegseth on brokering the deal with Interim President of Venezuela Delcy Rodriguez (pictured)

Trump in his social media post Friday evening alluded to the Venezuela deal being part of a private partnership

Trump in his social media post Friday evening alluded to the Venezuela deal being part of a private partnership

Persuading big American oil companies to return the region could face headwinds given and decades of badly damaged infrastructure.

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Days after the ouster of Maduro, Trump gathered oil executives at the White House and called on them to rush back into Venezuela. 

Executives expressed interest in the opportunity but there was also a measure of caution given their past experience in the country.

Darren Woods, CEO of ExxonMobil, the largest U.S. oil company, said at that moment he saw the country as ‘un-investable.’

But Trump has insisted that his administration has brought a measure of stability to Venezuela.

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He has argued that Venezuela stole US oil when former Venezuelan President Hugo Chavez´s moved decades ago to nationalize hundreds of foreign-owned assets, including those owned by American oil companies.

Rodriguez, in one of her early moves after taking power, signed a law that opens the nation´s oil sector to privatization and reversed a bedrock tenet of the self-proclaimed socialist movement that had ruled the country for more than two decades.

The Venezuelan government’s press office did not immediately respond to The Daily Mail’s request for comment. 

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