President Donald Trump announced Friday that the U.S. and Venezuela have reached an agreement that he described as a "historic" oil deal, asserting it would grant the U.S. majority control over billions of barrels of oil reserves in the South American nation and lead to lower gas prices for Americans.
In a social media post, Trump stated the deal would provide majority U.S. control of more than 65 billion barrels of proven oil reserves in Venezuela. He claimed this agreement would "substantially lower" gas prices for Americans "long into the future."
The announcement comes as oil and gas prices have surged amid ongoing international conflict.
Trump detailed that Secretary of State Marco Rubio and Secretary of War Pete Hegseth, working with Venezuela's interim president Delcy Rodriguez and private businesses, secured the majority U.S. control of the reserves "at no cost to the American Taxpayer."
Venezuela's acting President Delcy Rodriguez also commented on the agreement via social media, calling it a "historic milestone" that would "have a significant impact on our nation's revival." She stated the deal involves the development of 17 strategic fields with a proven potential of 65 billion barrels of oil, anticipating an investment exceeding $100 billion and over $209 billion in tax revenue. Rodriguez expressed that Venezuela is entering a "new era of recovery, growth, production, security, and prosperity for our people."
Venezuela is recognized as possessing the world's largest proven oil reserves. The U.S. has previously taken action regarding Venezuelan leadership; in January, a U.S. military operation led to the capture of then-President Nicolas Maduro and his wife to face charges in the U.S.
Secretary of State Marco Rubio characterized the deal as a "huge win" for both countries, emphasizing it as an example of Trump's foreign policy driving "America First wins." Rubio added that the agreement would bring nearly $100 billion in private investment to Venezuela, support numerous jobs, and aid in the reconstruction of the Venezuelan economy.