Trump announces ‘biggest oil deal in world history’ between US, Venezuela

The agreement would more than double America’s oil reserves. In a post on Truth Social, Trump described it as the “biggest oil deal in world history” and said it would substantially lower gas prices.

"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.

“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 continued. “This Transaction will greatly strengthen the already growing relationship between Venezuela and the United States!”

The announcement follows a US military operation in January that resulted in Venezuelan leader Nicolas Maduro and his wife being captured by US forces during a strike on the country. Maduro was subsequently arrested and brought to the US to face criminal charges related to narco-terrorism and drug trafficking.

Earlier this month, the Department of Energy released data showing that oil volumes in the Strategic Petroleum Reserve had fallen to the lowest level since 1982. American consumers have also faced rising energy prices in recent months. The average price of gasoline in the US is roughly $4.09 per gallon, according to AAA, representing a 27 percent increase from a year earlier.

Secretary of State Marco Rubio praised the agreement in a post on X, calling it a major victory for citizens of both countries.

“This deal is 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. “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.”