Trump Claims U.S. Secures Majority Control of Venezuela’s 65 Billion-Barrel Oil Reserves in Historic Deal…
US President Donald Trump announced a major, historic agreement with Venezuela on Friday, August 28th. Trump announced the largest oil deal in history with Venezuela, information about which was shared in a social media post. Under this agreement, the US will gain majority control over Venezuela’s proven crude oil reserves of over 65 billion barrels. Trump claims that this historic transaction will more than double US oil reserves and significantly increase US oil supplies. Announcing the agreement on social media, Donald Trump wrote, “The United States has just reached the largest oil deal in world history with the country of Venezuela.” The US President stated that this agreement was negotiated between Secretary of State Marco Rubio, Secretary of Defense Pete Hegseth, and Venezuela’s Acting President Delcy Rodriguez. Trump wrote on Truth Social, “At my behest, Secretary of State Marco Rubio and Secretary of War Pete Hegseth, in collaboration with Venezuela’s highly respected interim President Delcy Rodriguez and in partnership with private companies, have secured majority control for the United States over 65 billion barrels of proven oil reserves in Venezuela. This agreement cost the US no American taxpayer money.” He stated that the agreement is highly beneficial to America’s energy supply and claimed that it will more than double US oil reserves and help lower gas prices. Venezuela’s interim President Delcy Rodriguez welcomed the agreement, saying it will generate significant revenue for the country’s treasury. Venezuela’s interim President Delcy Rodriguez stated that the country wants to utilize its vast oil reserves to become a major energy producer, create jobs, increase workers’ incomes, and improve living standards. He added, “In this way, Venezuela is ushering in a new era of recovery, growth, production, security, and prosperity for its people.” “ How the deal will work Under this deal, the US will form a new private company in collaboration with an unnamed private operator to develop 17 strategic Venezuelan oil fields (primarily in the Orinoco Belt and Lake Maracaibo). Effectively, 55% of this company’s total oil production will be directly under US control. Venezuela says these projects could generate approximately $100 billion in private investment and generate over $209 billion in tax revenue for Caracas. This agreement was reached after intensive negotiations between US Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and Venezuela’s interim President Delcy Rodriguez. This political change comes after the US military operation in January that ousted and arrested former Venezuelan President Nicolas Maduro, after which Venezuela amended its oil laws to encourage foreign investment.
PM Modi Begins Six-Day France Visit, to Attend G7 Summit and Strengthen India-France Strategic Partnership
Prime Minister Narendra Modi is on a Six-day visit to France, starting today. He will participate in a bilateral visit and the G-7 Leaders’ Summit. He will be in Nice on June 13th and 14th, in Evian for the summit on June 16th and 17th, and in Paris on June 17th and 18th. This is Prime Minister Narendra Modi’s seventh visit to France since being sworn in as Prime Minister for the first time. This visit follows French President Emmanuel Macron’s visit to India on February 17th–19th, when relations between the two countries were elevated to the status of a Special Global Strategic Partnership. France is considered one of India’s most favored partners in Europe, and this relationship, based on strategic support and mutual respect, has reached its peak over the past several decades. During his visit to France, Prime Minister Narendra Modi will inaugurate the India Innovates 2020 program, along with Prime Minister Macron. This program will bring together the best innovation startups from India, France, and around the world. Held during the India-France Innovation Year, this program is expected to attract participation from over 120 Indian companies and startups, along with prominent business leaders from France and other countries. PM Modi will also attend the WebTech Summit During this visit, PM Modi will also attend the WebTech Summit, Europe’s largest technology and startup event, in Paris on June 18. The Indian pavilion will be the largest this year. The G7 summit is also being capitalized on by US President Donald Trump’s participation, during which India will have the opportunity to reflect on issues affecting its security and economic interests. Defense: Defense cooperation between India and France is deep and wide-ranging, ranging from air and naval assets to helicopter engines and missiles. Some prominent examples of cooperation include the Rafale aircraft, Scorpene submarines, and Shakti helicopter engines. Space: In this area, ISRO and France’s national space agency, CNES, have a rich legacy of cooperation spanning six decades. Highlights include joint launches, the development of satellites such as Megha-Tropiques and SARAL, and cooperation on India’s human spaceflight mission, Gaganyaan. The two countries are also considering another satellite mission, TRISHNA. Nuclear: The passage of the Sustainable Use and Development of Nuclear Energy to Transform India (SHANTI) Act has created a major opportunity for cooperation between Indian and French industries. Regarding Small Modular Reactors/Advanced Modular Reactors, India and France signed a Declaration of Intent for cooperation in this area in February 2025.