U.S. President Donald Trump said the United States has reached a new agreement with Venezuela that he described as “the largest oil deal in the history of the world,” claiming it will secure access to more than 65 billion barrels of Venezuelan oil reserves.
In a post on Truth Social, Trump said the agreement was reached under his direction in cooperation with Venezuela’s interim president, Delcy Rodriguez, and through a partnership with the private sector.
He said Secretary of State Marco Rubio and Secretary of War Pete Hegseth had secured majority American control over more than 65 billion barrels of Venezuela’s proven oil reserves, stressing that the deal would come at no cost to U.S. taxpayers.
Trump Says Deal Will Lower Gas Prices
Trump described the agreement as a “historic deal” that would more than double U.S. oil reserves and significantly increase the amount of oil available to the United States.
He said the agreement would, in his view, significantly reduce gasoline prices for Americans for years to come while strengthening relations between Washington and Caracas.
Trump also said the deal could help Venezuela achieve what he called “huge success” and “great prosperity,” potentially opening a new phase in relations between the two countries.
Rubio Calls Deal a Major Win
Secretary of State Marco Rubio described the agreement as a “major win” for both the American and Venezuelan people.
Rubio said the deal reflected what he called the Trump administration’s “bold” foreign policy and was consistent with the “America First” principle by securing stable, low-cost oil reserves in the region and helping reduce fuel prices in the United States.
He added that the agreement is expected to attract nearly $100 billion in private investment to Venezuela, support thousands of high-paying jobs and contribute to rebuilding the country’s economy.
Details of the Deal Remain Unclear
Despite announcing the agreement and citing the size of Venezuela’s oil reserves, Trump has not disclosed full details about the nature of U.S. control over the oil assets, how the agreement will be implemented or how the reserves and resulting revenues will be managed.
The announcement comes as Washington seeks to expand its influence over Venezuela’s energy sector and gain greater access to the country’s vast oil reserves, while Caracas is counting on new investment to rebuild its economy and develop its oil industry.
