Trump announces 'world's largest oil deal' with Venezuela

President Donald Trump announced a "historic" oil deal with Venezuela, which he described as the "largest oil deal in world history." The agreement grants the United States majority control over more than 65 billion barrels of Venezuela's oil reserves.

Trump stated on Truth Social that the deal was forged in "close collaboration" with Venezuela's interim president, Delcy Rodriguez, and through partnerships with private companies. He anticipates the transaction will "considerably reduce the price of gasoline for all Americans for many years to come."

Rodriguez confirmed the agreement, expressing "warm" thanks to Trump. The deal outlines the development of 17 strategic fields with a proven potential of 65 billion barrels. It also involves an investment exceeding $100 billion and is projected to generate over $209 billion in tax revenue for the Venezuelan state.

U.S. Secretary of State Marco Rubio noted on X that the deal would support "thousands of well-paying jobs" and aid in Venezuela's economic reconstruction, confirming nearly $100 billion in private investment. Venezuela possesses the world's largest proven oil reserves, exceeding 303 billion barrels, though its production has been limited. Meanwhile, U.S. strategic petroleum reserves are at their lowest since November 1982, with significant withdrawals made to address supply disruptions and rising crude prices amid the ongoing Middle East conflict.