Trump announces 'biggest oil deal in world history' with Venezuela to secure 65 billion reserve barrels

President Trump announced a major agreement with Venezuela Friday that will allow the US to “more than double” its existing oil reserves– a move the commander-in-chief said will lower prices at the pump.

In a Truth Social post, Trump touted the agreement 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,” the president wrote.

“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,” he added.

Since ousting and arresting ex-dictator Nicolas Maduro in January, Trump has made clear that he wants to revitalize Venezuela’s oil industry and pave the way for US companies to tap into the South American nation’s vast oil fields.

Venezuela’s oil reserves hold about 303 billion barrels worth of crude, roughly 17% of the world’s supply.

Under socialist rule, however, Venezuela’s oil production plummeted as US giants ExxonMobil and ConocoPhillips left the market and the government allowed its petroleum-extracting infrastructure to fall into a state of disrepair.

The deal comes amid the US war in Iran, which has constrained the global oil supply for the last 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.