US President Donald Trump has announced what he described as a historic US Venezuela oil deal, claiming the agreement gives American interests majority control over more than 65 billion barrels of Venezuela’s proven oil reserves.
In a statement posted on his social media account, Trump called the arrangement “the biggest oil deal in world history” and said it was secured through cooperation involving US officials, Venezuela’s interim leadership and private businesses.
“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,” - President Trump
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The President claimed the arrangement would come at no cost to American taxpayers and would more than double US oil reserves.
He argued that the additional supply could help reduce gasoline prices for American consumers over the longer term.
Trump also presented the agreement as a step towards strengthening relations between Washington and Caracas.
“This transaction will greatly strengthen the already growing relationship between Venezuela and the United States,” he said.
The statement did not provide detailed commercial terms, participating companies or a timetable for implementing the arrangement.
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