Trump announces an oil agreement with Venezuela and promises a drop in fuel prices: “This transaction doubles our crude oil reserves”

“The United States of America has just signed an agreement with Venezuela on the BIGGEST OIL AGREEMENT IN WORLD HISTORY!” he wrote on his social network, Truth, to announce the agreement.

“Under my leadership, Secretary of State Marco Rubio and Secretary of War Pete Hegseth, working closely with the highly respected Interim President of Venezuela, Delcy Rodríguez, and through a partnership with the private sector, have ensured the majority control of the United States about more than 65 BILLION barrels of proven oil reserves in Venezuela, at no cost to the American taxpayer,” Trump continued.

The Republican spoke of a “historic transaction” and said it “more than doubles American oil reserves.”

In addition, he highlighted that the agreement “considerably increases” the supply of oil in the United States. And he promised that he will also “substantially reduce gasoline prices for all Americans in the long term,” amid his measures to lower prices of key products for the US economy – such as ground beef – before the midterm elections.

Finally, Trump said that the transaction “contributes to Venezuela continuing to move toward resounding success and great prosperity.”

For his part, Rubio described the agreement as “a great victory for both the American and Venezuelan people.”

According to the US Secretary of State, the agreement will attract nearly 100 billion dollars in private investment“will support thousands of well-paying jobs and drive the reconstruction of Venezuela’s economy.”

“It demonstrates how President Trump’s bold foreign policy drives achievements under the ‘America First’ principle: securing stable reserves and low-cost oil in our hemisphere, as well as reducing domestic gasoline prices,” he said.

Since the capture of Nicolás Maduro by US forces on January 3, 2026, the relationship between Venezuela and the United States went from confrontation to a progressive rapprochement with the lifting of sanctions and growing normalization.

Additionally, Trump faces intense pressure to rein in high gas prices as the war in Iran stretches into six months with no conclusion in sight. The United States has drawn on its strategic oil reserves, which in early August fell below 300 million barrels, a decline of more than 100 million barrels since the start of 2026.

In the days after Maduro’s capture in January, Trump floated the idea of ​​American oil companies returning to Venezuela to exploit its oil reserves.

Venezuela has one of the largest oil reserves in the world, with an estimated 303 billion barrels of crude oil in the subsoil. That’s equivalent to about 17% of the world’s supply, according to the U.S. Energy Information Administration.

Unlike other parts of the world, where geologists have to look for oil, Venezuela’s underground reserves are largely mapped and known, experts say. But due to deteriorating infrastructure, the country only produces about 1% of the world’s oil.