US President Donald Trump has announced what he described as the “biggest oil deal in world history” between the United States and Venezuela, claiming the agreement will give America majority control of more than 65 billion barrels of Venezuela’s proven oil reserves.
According to Trump, the deal comes at no cost to American taxpayers and was negotiated under the direction of Secretary of State Marco Rubio and Secretary of War Pete Hegseth, in collaboration with Venezuela’s interim President Delcy Rodríguez and private businesses.
Trump said the agreement would dramatically boost America’s energy reserves and supply, with the potential to significantly reduce gasoline prices for American consumers in the coming years.
He said the deal would more than double US oil reserves while increasing domestic oil availability and strengthening America’s energy position.
Beyond its energy implications, Trump said the agreement would also help Venezuela move towards greater economic success and prosperity.
He described the transaction as a historic milestone that would further deepen the emerging relationship between Washington and Caracas.
Trump said the agreement represents a major development for both nations, with the US expected to benefit from increased access to Venezuela’s vast oil resources while Venezuela gains a pathway towards renewed economic growth.
