President Donald Trump is hopeful the deal with Venezuela he announced on Friday will help lower global oil prices.

The deal would more than double US oil reserves at a time when the US strategic petroleum reserve is at a 40-year low, said news site Axios.

The U.S. struck a deal with Venezuela to get majority control of more than 65 billion barrels of oil reserves, Trump said in a social media post.

Trump said the U.S. has established "majority" control over 65 billion barrels of oil in Venezuela, "at no cost to the American taxpayer."