US and Venezuela announce 'historic' oil deal

The United States and Venezuela have announced what they are calling an "historic" oil deal, granting U.S. entities majority control over the exploitation of more than 65 billion barrels of proven crude oil reserves in the South American nation. The agreement marks a significant development in energy relations between the two countries.

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This is the greatest in world history.

U.S. President Donald Trump described the deal via Truth Social as the "greatest in world history," asserting that it would more than double U.S. oil reserves. He indicated the agreement was reached in "close cooperation" with Venezuela's acting president, Delcy Rodríguez, and a group of "private companies."

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We thank our counterpart Donald Trump warmly.

Caracas confirmed the signing of the "historic" oil deal with Washington. Rodríguez expressed her "warm thanks" to Trump, stating in a Telegram announcement that the agreement involves the "development of 17 strategic fields" potentially containing up to "65 billion barrels of oil." She projected that the deal would result in "over $100 billion in investment" and "tax revenues exceeding $209 billion for the state."

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For the people of Venezuela, this agreement will attract nearly $100 billion in private investment, support thousands of well-paying jobs, and aid in the reconstruction of the economy.

U.S. Secretary of State Marco Rubio, speaking via X, stated that for the Venezuelan people, the agreement would attract nearly $100 billion in private investment, support thousands of well-paying jobs, and aid in rebuilding the country's economy. Venezuela possesses the world's largest proven oil reserves, estimated at over 303 billion barrels, though its current production remains relatively limited. Concurrently, U.S. strategic petroleum reserves have fallen to their lowest level since November 1982, according to the U.S. Energy Information Administration (EIA). Washington has committed to progressively releasing 172 million barrels from its reserves to mitigate supply disruptions and price increases following the conflict in the Middle East.

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This historic transaction between the two countries will lead to a significant reduction in fuel prices for all Americans now and in the long term.