Key facts
- Donald Trump announced a new US oil agreement with Venezuela.
- The US will gain majority control over 65 billion barrels of proven Venezuelan oil reserves.
- The agreement was secured at no cost to American taxpayers.
- Trump claimed the deal would more than double American oil reserves and lower gas prices.
- Venezuela possesses the world's largest proven oil reserves, estimated at 303 billion barrels.
Donald Trump announced Friday a new agreement with Venezuela that would give the United States majority control over 65 billion barrels of proven oil reserves. Trump stated on Truth Social that Secretary of State Marco Rubio and Secretary of War Pete Hegseth, working with Venezuela's Interim President Delcy Rodriguez and private business, secured the deal at no cost to American taxpayers. He claimed this would more than double American oil reserves, calling it a 'huge win for both the American and Venezuelan people.'
Venezuela possesses the world's largest proven oil reserves, estimated at 303 billion barrels. Since the US removed former President Nicolás Maduro from power, Washington has sought to secure a stable flow of Venezuelan crude oil and promote investment in its energy sector, which currently produces about 1.25 million barrels per day.
The agreement comes as Trump faces pressure over rising gasoline prices ahead of the November midterm elections. The US is also looking to replenish its strategic petroleum reserve.
Reports of talks between the Trump administration and Venezuela emerged earlier this week. However, some Venezuelan opposition figures expressed anger and unease, criticizing the deal as a 'land grab' and a departure from traditional US foreign policy.