Trump hails "biggest oil deal in world history" with Venezuela

• Axios first reported the deal was in the offing Thursday.

Zoom in: The details have yet to be released, but a source familiar described the unorthodox arrangement as a type of "public-private partnership" between the U.S., private companies and Venezuela.

• "It's not a purchase. They're giving us equity. It's a type of corporate transaction where the U.S. has equity in the companies," a U.S. government source said.
• The U.S. would have access to what's called "off-take oil," a guaranteed amount of crude that would be exchanged at cost, the source said.

What they are saying: "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 on Truth Social.

• Secretary of State Marco Rubio, who spearheaded negotiations with Venezuela's interim president, Delcy Rodriguez, called the deal "a huge win for both the American and Venezuelan people."
• "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," Rubio said.

Between the lines: The unique arrangement would be overseen by the Pentagon's Office of Strategic Capital, which helps finance efforts that further U.S. national defense.

The intrigue: Whether the deal has been signed is up for debate. One administration source said it had been finalized, but another said it wasn't completely wrapped up as of Friday night.

• "It's going to happen. It's just a question of when," a second source told Axios.