Trump Announces ‘Biggest Oil Deal In World History’ As US Secures 65bn Barrels Of Venezuela Oil
Segun Akanni, Toronto, Canada
2 min read
US President Donald Trump says the United States has secured majority control of more than 65 billion barrels of proven oil reserves in Venezuela, describing the move as the “biggest oil deal in world history”.
Trump announced the deal in a post on Truth Social on Friday.
“At my direction, Secretary of State Marco Rubio, and Secretary of War Pete Hegseth, working closely with Highly Respected Interim President of Venezuela, Delcy Rodriguez, and, through a partnership with private business, have secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer,” Trump wrote.
He said the transaction would more than double US oil reserves, increase the country’s oil supply and substantially lower gas prices for Americans in the long term.
Trump also said the agreement would strengthen relations between the United States and Venezuela.
Delcy Rodriguez, Venezuela’s interim president, confirmed the agreement, saying it would have a “significant impact” on the country’s economic recovery.
According to Rodriguez, the deal involves the development of 17 strategic oil fields with a proven potential of 65 billion barrels.
She said the arrangement is expected to attract more than $100 billion in investment and generate more than $209 billion in tax revenue for Venezuela.
US Secretary of State Marco Rubio described the agreement as a “huge win” for both countries.
“This deal is a huge win for both the American and Venezuelan people,” Rubio said.
He said the agreement demonstrates how Trump’s foreign policy is driving “America First” gains by securing stable reserves and low-cost oil in the Western Hemisphere while helping to lower gas prices in the United States.
Rubio added that the deal would bring nearly $100 billion in private investment to Venezuela, support thousands of jobs and help rebuild the country’s economy.
Venezuela has the world’s largest proven oil reserves, estimated at about 303 billion barrels.
However, years of underinvestment and deterioration of oil infrastructure have significantly constrained the country’s production capacity.
The agreement comes as the Trump administration seeks to increase oil supplies and bring down fuel prices in the US amid disruptions in global energy markets.
The deal marks a major shift in US-Venezuela relations after years of tension between the two countries.
