The United States has reached an agreement with Venezuela granting majority American control over more than 65 billion barrels of the South American nation’s proven oil reserves, President Donald Trump announced Friday, describing the arrangement as the largest oil deal in world history.
In a post on Truth Social, Trump said the transaction was secured “at no cost to the American Taxpayer” and would more than double US oil reserves while substantially lowering gasoline prices for Americans for years to come.
“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 US control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela,” Trump wrote.
He added that the deal “will greatly strengthen the already growing relationship between Venezuela and the United States.”
Venezuela’s interim President Delcy Rodriguez welcomed the agreement, which is expected to generate about $209 billion for the state’s treasury. Officials in Caracas said it covers the development of 17 strategic fields with a proven potential of 65 billion barrels and more than $100 billion in private investment.
Secretary of State Marco Rubio called the pact “a huge win for both the American and Venezuelan people.” In a post on X, he said it would secure stable, low-cost oil for the United States and help reduce petrol prices at home, while delivering nearly $100 billion in private investment, supporting thousands of high-paying jobs and aiding the reconstruction of Venezuela’s economy.
The announcement followed weeks of talks aimed at giving American companies long-term access to Venezuelan oilfields and guaranteeing crude supplies to US refineries. Venezuelan authorities are preparing to sign exploration and production agreements next week, with a particular focus on US firms.
Venezuela holds the world’s largest proven oil reserves but currently produces only about 1.25 million barrels per day, well below its potential after years of underinvestment, mismanagement and sanctions. Trump did not provide details on the precise structure of the deal, the specific fields involved or how majority US control would be exercised.
The arrangement represents a significant expansion of Washington’s role in Venezuela’s energy sector as the Trump administration seeks to revive production and secure additional crude for American refiners.
