A White House official said the agreement would give the United States a 55% effective output stake in a new private joint venture.Prefer HTon Google US President Donald Trump on Friday said the United States had reached an oil agreement with Venezuela that he claimed would more than double American oil reserves, increase supplies and bring down gasoline prices.US President Donald Trump and First Lady Melania Trump, right, exit the White House in Washington, DC, US, on Tuesday, Feb. 24, 2026. President Trump needs his State of the Union address to assuage voters anxious about the economy, foreign policy and even more tariff turmoil. Photographer: Shawn Thew/EPA/Bloomberg (Bloomberg)Trump said the deal would give the US majority control of more than 65 billion barrels of proven oil reserves in Venezuela, without any cost to American taxpayers.“At my direction, Secretary of State Marco Rubio, and Secretary of War Pete Hegseth, working closely with Highly Respected Interim President of Venezuela, Delcy Rodriguez, and, through a partnership with private business, have secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer,” Trump wrote on social media.Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs.