President Donald Trump has announced a significant oil deal described as the “biggest in world history.” The United States will gain majority control of over 65 billion barrels of proven oil reserves in Venezuela. This agreement involves collaboration between the Venezuelan government and private-sector partners.
Trump used Truth Social on Friday to share that the deal will not cost American taxpayers. It is expected to more than double U.S. oil reserves and contribute to lowering gasoline prices. Key figures in negotiating the deal were Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, together with Venezuela’s interim President Delcy Rodríguez. The arrangement is highlighted as a historical move to strengthen relations between the U.S. and Venezuela.
Rubio remarked on X, “This deal is a huge win for both the American and Venezuelan people. It validates President Trump’s bold foreign policy, securing reserves and affordable oil, and reducing gas prices. For Venezuelans, it will generate nearly $100 billion in private investment, create thousands of well-paying jobs, and aid in rebuilding Venezuela’s economy.”
Efforts to get more information from the State Department were made by Newsweek through an online inquiry. Trump stated in his post, “BREAKING NEWS: The United States has entered into an Agreement with Venezuela on the BIGGEST OIL DEAL IN WORLD HISTORY! Led by Secretary of State Marco Rubio and Secretary of War Pete Hegseth, and with cooperation from Interim President Delcy Rodriguez, we have secured U.S. control over more than 65 BILLION BARRELS of Oil Reserves in Venezuela, at no cost to American taxpayers. This Historic Transaction not only doubles American Oil Reserves but also greatly increases our Oil Supply, contributing to long-term reductions in Gas Prices for Americans. It also aids Venezuela in moving toward Significant Success and Prosperity. This Transaction strengthens the progressing relationship between Venezuela and the United States. Thank you for your attention to this groundbreaking matter. MAKE AMERICA GREAT AGAIN! President DONALD J. TRUMP.”
For further details, Newsweek editors have been contacted on this story: Edward T. Cummins.