President Donald Trump announced that the United States has reached an agreement with Venezuela to take control of a significant portion of the country’s oil reserves. Trump stated, “The United States of America has just entered into an agreement with Venezuela on the biggest oil deal in world history!”

He explained that the agreement, facilitated by Secretary of State Marco Rubio and Secretary of War Pete Hegseth, in cooperation with Interim President of Venezuela Delcy Rodriguez, grants the U.S. majority control over 65 billion barrels of Venezuela’s proven oil reserves. This deal is said to be at no cost to American taxpayers.

Trump highlighted that this transaction more than doubles American oil reserves. Venezuela’s oil reserves are among the largest globally, comprising approximately 17% of the world’s supply.

“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.” – Secretary of State Marco Rubio

In January, the U.S. military conducted an operation resulting in the capture of Venezuela’s President Nicolás Maduro. He faces federal narcoterrorism and drug trafficking charges in the United States.

Marco Rubio described the deal as a major victory for both nations. He mentioned that the agreement reflects Trump’s decisive foreign policy, aiding in securing oil for the U.S. and contributing to lower gas prices domestically.

For Venezuela, the deal could bring nearly $100 billion in private investment and support thousands of jobs, revitalizing the nation’s economy. Despite having an estimated 303 billion barrels of crude oil, Venezuela currently produces about 1% of the world’s oil due to infrastructural challenges.