Trump says US made deal with Venezuela to control 65 billion barrels of its oil

US President Donald Trump has said his administration, at his direction, made a deal with Venezuela to control 65 billion barrels of its oil.

In a post on Truth Social, Trump claimed the “historic transaction more than doubles American oil reserves” and “will substantially lower gas prices for all Americans.”

“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 US control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela,” Trump wrote.

Trump claimed the deal came “at no cost to the American Taxpayer.”

“The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!” Trump wrote, claiming it would lower gas prices in the US.

Venezuela’s interim President Delcy Rodriguez confirmed the oil deal, saying the move could bring billions of dollars to state coffers.

Following the US kidnapping of Venezuelan President Nicolas Maduro earlier this year, Rodriguez has been bowing to Trump’s demands, including the opening up of the economy to American companies and the implementation of political reforms, which many believe violates Venezuela’s independence and sovereignty.

Maduro, who is being kept in a US prison under the pretext of “narcoterrorism” and drug trafficking charges, is scheduled to face a court trial on June 1, 2027.

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The deal announcement followed weeks of negotiations over an agreement that would give American companies long-term access to a group of Venezuelan oilfields and guarantee the resulting crude supply to the US.

In a statement, Caracas announced that the deal involved the development of 17 fields with a proven potential of 65 billion barrels. It said the deal could draw $100 billion in investment into Venezuela’s oil industry and yield over $209 billion for Caracas.

The deal allows an unnamed company to take hold of Venezuela’s oil fields for 100 years and tap into its huge energy resources.

The private company would be the second-largest corporate holder of proven oil reserves after Saudi Aramco, according to a US government official cited by the media.

The deal gives Americans a majority stake— 55 percent —in the new private company's effective output, including ownership and rights to buy oil at cost.

Venezuela holds the world’s largest proven oil reserves, but produces only 1.25 million barrels per day, far below its potential after years of underinvestment and sanctions.

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