Ankara: US President Donald Trump has announced a landmark deal with Venezuela, stating that the South American nation's oil reserves, previously untapped, hold 'unbelievable value' for the United States. Speaking from the Oval Office, Trump emphasized the strategic importance of Venezuelan heavy oil for US refineries and highlighted the benefits for both countries involved in the agreement. According to Anadolu Agency, the deal grants Washington majority control over 65 billion barrels of proven oil reserves in Venezuela. Venezuelan Interim President Delcy Rodriguez, who took office in January following the capture of Nicolas Maduro by US forces, confirmed the agreement. This deal, set to last 25 years, involves the development of 17 strategic oil fields, with expectations of over $100 billion in private investment and $209 billion in tax revenue for Venezuela. The agreement comes amid tensions in the Strait of Hormuz, a crucial oil transit point that remains stranded due to the ongoing conflict with Iran. Trump highlighted the significance of the deal, claiming it to be 'the greatest deal ever made' and predicting a 'tremendous impact' on oil prices in the US. He described the relationship with Caracas as a 'team' effort, with plans to transport millions of barrels of oil to various locations in the United States and globally, promising mutual financial benefits for both nations.