Trump announces ‘biggest oil deal in world history’ involving 65bn barrels of Venezuela’s reserves
Trump announces ‘biggest oil deal in world history’ involving 65bn barrels of Venezuela’s reserves
US President Donald Trump says the United States has secured majority control of more than 65 billion barrels of proven oil reserves in Venezuela, describing the agreement as the “biggest oil deal in world history”.
Trump announced the development in a post on Truth Social on Friday, saying the agreement was reached under his direction by Secretary of State Marco Rubio and Secretary of War Pete Hegseth, in collaboration with Venezuela’s interim President Delcy Rodriguez and private-sector partners.
“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 wrote.
The US president said the deal would more than double America’s oil reserves, expand its supply and “substantially lower Gas Prices for all Americans, long into the future”.
He added that the agreement would also improve relations between Washington and Caracas.
Rodriguez confirmed the deal, saying it would have a “significant impact” on Venezuela’s economic recovery.
She said the agreement covers the development of 17 strategic oil fields with proven potential of 65 billion barrels.
According to Rodriguez, the project is expected to attract more than $100 billion in investment and generate over $209 billion in tax revenue for Venezuela.
Rubio described the agreement as a “huge win” for both countries.
“This deal is a huge win for both the American and Venezuelan people,” Rubio said.
“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 added that the agreement would bring nearly $100 billion in private investment into Venezuela, create thousands of jobs and contribute to rebuilding the country’s economy.
Venezuela holds the world’s largest proven oil reserves, estimated at about 303 billion barrels. However, years of underinvestment and deteriorating oil infrastructure have severely limited its ability to produce at full capacity.
The agreement comes as the Trump administration seeks to increase oil supplies and reduce fuel prices in the US amid disruptions in global energy markets.
The development also represents a significant shift in relations between the US and Venezuela following years of diplomatic tensions.