Trump claims historic Venezuela oil deal will double US reserves

Donald Trump announced Friday that the United States has secured an agreement with Venezuela to acquire more than 65 billion barrels of the South American nation's proven oil reserves. Trump declared on his "Truth Social" platform that this "historic deal" will more than double U.S. oil reserves, significantly boost supply, and substantially reduce gasoline prices for Americans.

He characterized the agreement as the largest oil deal in world history. However, Venezuela has not yet confirmed the deal. Trump stated that the agreement was reached in cooperation with Venezuela's interim president, Delcy Rodríguez, and involved private sector companies. He also indicated that U.S. Secretary of Defense Pete Hegseth and Secretary of State Marco Rubio participated in the negotiations. Specific details of the agreement have not been released.

According to U.S. Energy Information Administration data from the end of 2024, the United States held 46 billion barrels in reserves. Trump's announcement comes amid domestic pressure over rising gasoline prices, partly attributed to the ongoing conflict in Iran. The average price for regular gasoline reached $4.09 per gallon on Thursday, over a third higher than at the start of the conflict.

In recent years, the U.S. has increased pressure on Venezuela, bolstering its military presence in the region. While officially motivated by suspected drug smuggling, Trump has also linked this to Venezuela's oil reserves. He previously asserted that Venezuela had stolen oil, land, and other assets from the U.S. and demanded their immediate return. Venezuela nationalized oil fields after 2000, affecting U.S. companies and leading to disputes over compensation.

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This historic deal MORE THAN DOUBLES the U.S. oil reserves, significantly increases our oil supply, and will dramatically reduce gasoline prices for all Americans for a long time to come.