President Donald Trump said the United States and Venezuela have reached a major oil agreement that would give Washington majority control over more than 65 billion barrels of Venezuela's proven oil reserves, in a deal he said would increase U.S. energy supplies and eventually lower gasoline prices.
Trump announced the agreement Friday night, describing it as a historic transaction secured through a partnership between the U.S. government and private business. He said Secretary of State Marco Rubio and Secretary of War Pete Hegseth worked with Venezuela's interim President Delcy Rodríguez to reach the deal.
“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 Truth Social.
He said the agreement would “MORE THAN DOUBLE” U.S. oil reserves, significantly increase supplies and “substantially lower Gas Prices for all Americans” over the long term. Trump also said the transaction would strengthen relations between the two countries and help put Venezuela on a path toward economic recovery.
