President Donald Trump said Friday that the United States has reached an agreement with Venezuela giving American interests majority control of more than 65 billion barrels of the South American country's proven oil reserves, a sweeping expansion of U.S. involvement in Venezuela's battered energy industry.
Trump described the agreement as the "biggest oil deal in world history" and said it would more than double U.S. oil reserves while increasing supplies and lowering gasoline prices for American consumers.
The announcement came as the Trump administration seeks to revive Venezuela's struggling oil sector, secure more crude for U.S. refineries and ease pressure from elevated gasoline prices. The United States is also looking for ways to replenish its Strategic Petroleum Reserve.
Trump said the agreement was negotiated by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth in cooperation with Venezuelan interim President Delcy Rodriguez and private companies.
Venezuela's acting President Delcy Rodriguez (R) swaps microphones with U.S. Interior Secretary Doug Burgum after a meeting at Miraflores Presidential Palace, Caracas, Venezuela, March 4, 2026. (AP Photo)
