Trump announces US oil deal with Venezuela

President Donald Trump announced Friday that the United States has entered into a significant oil agreement with Venezuela. He stated that, under his direction, Secretary of State Marco Rubio and Secretary of War Pete Hegseth, working with Venezuela's Interim President Delcy Rodriguez and private businesses, secured majority U.S. control over more than 65 billion barrels of proven oil reserves.

Trump claimed the deal was secured "at no cost to the American Taxpayer" and would more than double American oil reserves. This development comes as the Trump administration faces pressure over rising gasoline prices, with midterm elections approaching later this year. Access to cheaper oil supplies and expanded output could potentially alleviate these concerns.

The agreement also addresses the U.S. need to replenish its Strategic Petroleum Reserve. The U.S. has been seeking stable Venezuelan crude for its refineries and promoting American investment in the country's energy sector since the removal of former President Nicolas Maduro in January. Venezuela's energy industry currently produces approximately 1.25 million barrels per day of crude.

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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 US control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer.