President Trump said Friday that the United States has reached a sweeping oil agreement with Venezuela that would “more than double” America’s current oil reserves, arguing the move will ultimately bring relief to drivers through lower gas prices.
In a post on Truth Social, Trump hailed the pact as “THE BIGGEST OIL DEAL IN WORLD HISTORY!”
“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, at no cost to the American Taxpayer,” Trump wrote.
He said the arrangement would transform the country’s energy position, adding: “This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans, long into the future, while helping to continue to set Venezuela on a course toward Tremendous Success and Great Prosperity.”
Trump has repeatedly signaled since the January ouster and arrest of former dictator Nicolas Maduro that he intends to revive Venezuela’s battered oil sector and open the door for American companies to operate in the country’s immense crude fields.
Venezuela is home to an estimated 303 billion barrels of crude reserves, representing roughly 17% of the world’s total supply.
Years of socialist rule left the industry weakened, with production collapsing after US energy majors including ExxonMobil and ConocoPhillips exited the market and state-run infrastructure deteriorated.
The announcement also comes as the US war in Iran has tightened global oil supplies over the past six months.
Earlier this month, the US Strategic Petroleum Reserve – an emergency stockpile of oil held by the Department of Energy – hit a four-decade low, falling below the 300 million-barrel mark.
Trump said the “groundbreaking” deal will also “greatly strengthen the already growing relationship between Venezuela and the United States!”
Secretary of State Marco Rubio called the agreement “a huge win for both the American and Venezuelan people.”
“It demonstrates how President Trump’s bold foreign policy is driving America First wins: securing stable reserves and low-cost oil in our Hemisphere and lowering gas prices here at home,” Rubio wrote on X.
“For the Venezuelan people, this deal will bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela’s economy,” the secretary of state said.
Axios reported that the oil fields the US is taking a stake in were previously controlled by former Venezuelan insiders, including some who have been indicted by the Justice Department, as well as China.
