US President Donald Trump announced a historic oil agreement with Venezuela on Friday, claiming the deal will double American energy reserves.
Writing on his Truth Social platform, Trump said the United States had secured majority control over more than 65 billion barrels of proven Venezuelan oil reserves in what he described as the largest energy deal in world history.
The president stated that the transaction would substantially reduce gasoline prices for all Americans over the long term while significantly increasing crude supplies for the country.
Trump outlined the agreement as a partnership with the private sector. The negotiations were conducted by US Secretary of State Marco Rubio and Secretary of War Pete Hegseth, working in close collaboration with Venezuelan Interim President Delcy Rodriguez.
Private investment and job creation
Rubio described the agreement as a major victory for both the American and Venezuelan populations. He estimated that the deal would attract nearly 100 billion dollars in private investment into the region.
According to the secretary of state, the capital influx will support thousands of well-paying jobs and drive the economic reconstruction of Venezuela.
Rubio said the arrangement demonstrates how Trump's foreign policy delivers results under an America First principle, securing stable reserves and low-cost oil in the Western Hemisphere while reducing domestic fuel costs.
Shift in bilateral relations
Trump said the deal will greatly strengthen relations with Venezuela under Rodriguez, whom he praised as a valid interlocutor for negotiations.
Bilateral relations between Washington and Caracas have shifted significantly since US forces captured former President Nicolas Maduro on January 3, 2026. The action marked a transition from years of diplomatic confrontation to progressive rapprochement, accompanied by the lifting of economic sanctions and growing normalisation.
Venezuela, located in northern South America, holds some of the world's largest proven crude oil reserves. The new framework aims to integrate those resources into the US energy supply chain through private sector investment.
