The United States and Venezuela have reached an agreement that would grant the U.S. majority control of more than 65 billion barrels of Venezuela's proven oil reserves, according to President Donald Trump.
Trump announced the deal on social media, stating, "This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans." He added that the deal would control over 65 billion barrels of the country's proven oil reserves, which constitute the world's largest.
The announcement comes after Trump had previously vowed to tap into Venezuela's reserves following the arrest of then-President Nicolás Maduro earlier this year. The president has also faced domestic pressure to reduce high gasoline prices.
Secretary of State Marco Rubio described the agreement as "a huge win for both the American and Venezuelan people." Specific details of the transaction have not yet been released.