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The United States (US) has reached an agreement with Venezuela, granting it majority control over more than 65 billion barrels of the country’s proven oil reserves.
US President Donald Trump announced the development in a post on Truth Social on Friday.
The agreement was reached between the United States and Venezuela through negotiations involving Secretary of State Marco Rubio, Secretary of War Pete Hegseth, Venezuelan interim President Delcy Rodriguez, and private businesses.
“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.
“At my direction, Secretary of State Marco Rubio, and Secretary of War Pete Hegseth, working closely with Highly Respected Interim President of Venezuela, Delcy Rodriguez, and, through a partnership with private business, have secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer.”
Trump said the transaction would “MORE THAN DOUBLE American Oil Reserves,” increase US oil supplies and “substantially lower Gas Prices for all Americans, long into the future.”
According to the US President, the agreement would strengthen relations between Washington and Caracas and help Venezuela recover economically.
Trump’s announcement comes a day after reports that Washington and Caracas were negotiating a major long-term arrangement that would give the United States a stake in Venezuelan oil production.
Reuters reported on Thursday that US officials were working on a deal to secure long-term access to part of Venezuela’s crude reserves, potentially through a structure in which American companies would develop selected oil fields and guarantee resulting supplies for the United States.
One source said a “lease” was being considered as the legal framework.
Axios reported that the fields being discussed contained about 90 billion barrels of proven reserves, although the talks did not cover all of Venezuela’s estimated 300 billion barrels of proven reserves.
The announcement nevertheless represents a major shift in US-Venezuela economic relations.
Since the ousting of former Venezuelan President Nicolás Maduro in January, the Trump administration has sought to stabilise Venezuelan oil exports and attract investment into an industry weakened by years of underinvestment and deteriorating infrastructure.
Venezuela currently produces roughly 1.25 million barrels of crude per day.
Trump said the agreement would also put Venezuela “on a course toward Tremendous Success and Great Prosperity.”
“Thank you for your attention to this groundbreaking matter,” he wrote, ending the post with his familiar political slogan: “MAKE AMERICA GREAT AGAIN!”
