Trump Hails 'Biggest Oil Deal In History' With Venezuela, Says US To Gain Majority Control

US President Donald Trump on Friday announced what he called the “biggest oil deal in world history” with Venezuela, claiming the United States will gain majority control of more than 65 billion barrels of the country’s proven oil reserves.

US Secretary of State Marco Rubio said the arrangement could bring nearly $100 billion in private investment to Venezuela.

Announcing the deal on Truth Social, Trump said it would come at no cost to US taxpayers, more than double America’s oil reserves and increase supplies while helping lower petrol prices for American consumers.

Trump said Rubio and US Defence Secretary Pete Hegseth worked with Venezuelan interim President Delcy Rodriguez to secure the agreement through a partnership with private businesses.

“This Transaction will greatly strengthen the already growing relationship between Venezuela and the United States!” Trump wrote.

Rubio said the agreement would deliver nearly $100 billion in private investment, create thousands of jobs and support the rebuilding of Venezuela’s economy.

The Venezuelan government has not immediately confirmed the agreement.

Deal Comes Amid Push For Venezuelan Oil

Venezuela holds the world’s largest proven oil reserves, estimated at about 300 billion barrels. Trump has repeatedly pushed for greater US access to the country’s oil, particularly as global energy markets face disruption.

US news outlet Axios had reported that Washington and Caracas were discussing arrangements covering around a dozen oil fields containing about 90 billion barrels of proven reserves. Under the reported structure, private companies, including US firms, would develop the fields while Venezuela would receive a larger share of oil revenues.

Trump also linked the agreement to US fuel prices, saying it would help bring down petrol costs at a time when Americans are facing pressure from higher energy prices.

“This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans, long into the future, while helping to continue to set Venezuela on a course toward Tremendous Success and Great Prosperity,” he said.

US companies have nevertheless remained cautious about investing in Venezuela because of ageing infrastructure and the country’s history of taking control of foreign-owned assets.

Chevron, the only major US oil company that continued operating in Venezuela through the political upheaval, said in July that its production had reached 280,000 barrels per day and that it planned to raise output by 50% by the end of 2028.

(With inputs from agencies)