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Trump: US gains control of Venezuelan oil
Economy
President Donald Trump announced on Friday that the United States had reached an agreement with Venezuela giving it control over more than 65 billion barrels of the country's proven oil reserves.
He called it the largest oil deal in history.
Trump reported in a post on Truth Social that Secretary of State Marco Rubio and Secretary of Defense Pete Hegseth, along with Acting Venezuelan President Delcy Rodriguez and private companies, brokered the agreement.
The president noted that the deal would come at no cost to American taxpayers and would more than double US oil reserves.
"This historic deal MORE THAN DOUBLES American oil reserves, significantly increases oil supply, and will significantly lower gasoline prices for all Americans," Trump said.
The president did not provide details about the structure of the agreement, the private companies involved, or the mechanism by which US control over Venezuelan reserves would be exercised. The announcement comes as global energy markets are experiencing supply disruptions due to the war in Iran, intensifying competition for alternative sources of crude oil.
Furthermore, the announcement comes ahead of the US midterm elections in November, where gasoline prices and inflation are among the key issues facing the Trump administration.
Bloomberg previously reported that the US is seeking a significant stake in Venezuelan oil reserves through a potential partnership between the Department of Defense and energy investor Alejandro Betancourt, who is acting as a mediator between Washington and Caracas.
According to Bloomberg, the negotiations covered up to 17 oil fields in Venezuela's main oil-producing basins.
Trump also stated that the agreement would strengthen ties between Washington and Caracas and aid Venezuela's economic recovery.