Trump announces ‘historic’ US oil deal with Venezuela

President Donald Trump said the United States has reached an agreement with Venezuela to control more than 65 billion barrels of its proven oil reserves, the BBC reports.

“This historic deal more than doubles America’s oil reserves, greatly expands our oil supply, and significantly lowers gasoline prices for all Americans,” Trump wrote on Truth Social.

After the arrest of former Venezuelan President Nicolas Maduro earlier this year, Trump vowed to use Venezuela’s oil reserves, the largest in the world. It has recently come under pressure to lower domestic gasoline prices.

Secretary of State Marco Rubio called the deal “a huge victory for both the American and Venezuelan people.” Details of the deal have not yet been disclosed.

“For the Venezuelan people, this deal will attract nearly $100 billion in private investment, support thousands of high-paying jobs, and support Venezuela’s economic recovery,” Rubio wrote on social media.

In his message, Trump said Rubio and Defense Secretary Pete Hegseth had reached an agreement with Venezuela’s interim President Delcy Rodriguez “through a partnership with private industry.”