The president says the countries’ joint venture will lower petrol prices for Americans The president touts “the biggest oil deal in world history” six months on from the start of the Iran war, which sent energy prices spiralling. Key points and original sources are listed below.

• The president says the countries’ joint venture will lower petrol prices for AmericansS1

• The president touts “the biggest oil deal in world history” six months on from the start of the Iran war, which sent energy prices spiralling.S2

• President Donald Trump announced on Friday that the U.S. had entered into an agreement with Venezuela to take control of the country’s 65 billion barrels of oil reserves.S3

• Venezuela has one of the largest oil reserves in the world, with an estimated 303 billion barrels of crude oil in the ground.S4

• President Trump announced a deal to grant the U.S. control of over 65 billion barrels of proven Venezuelan oil reserves — as the Trump administration angles to get oil companies to return to the country.S5