President Trump announced a major oil agreement with Venezuela on Friday that he claimed would more than double U.S. Oil reserves.
The deal, which Trump touted on Truth Social as “THE BIGGEST OIL DEAL IN WORLD HISTORY!”, would give the U.S. Majority control of more than 65 billion barrels of proven Venezuelan oil reserves. The president wrote that the agreement was reached at his direction by Secretary of State Marco Rubio, Secretary of Defense Pete Hegseth, and what he termed the “Highly Respected Interim President of Venezuela, Delcy Rodriguez,” working through a partnership with private business.
“At no cost to the American Taxpayer,” Trump emphasized in his post, framing the arrangement as a financial win for domestic consumers. He added that “This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans, long into the future.”
The president also cast the agreement as beneficial for Venezuela itself, writing that it would help “continue to set Venezuela on a course toward Tremendous Success and Great Prosperity,” He said the “groundbreaking” deal would “greatly strengthen the already growing relationship between Venezuela and the United States!”
Rubio, 53, echoed that assessment on X, calling the agreement “a huge win for both the American and Venezuelan people.”
“It demonstrates how President Trump’s bold foreign policy is driving America First wins: securing stable reserves and low-cost oil in our Hemisphere and lowering gas prices here at home,” Rubio wrote.
The secretary of state projected significant economic ripple effects for Venezuela, stating that “this deal will bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela’s economy.”
The announcement comes at a moment of acute pressure on American energy security. Earlier this month, the U.S. Strategic Petroleum Reserve fell below 300 million barrels, hitting a four-decade low. The emergency stockpile, maintained by the Department of Energy, has been depleted amid the ongoing U.S. War in Iran, which has constrained global oil supply for the last six months.
Venezuela sits atop roughly 303 billion barrels of crude oil reserves, representing about 17% of the world’s total supply. Yet under socialist rule, production collapsed as American companies including ExxonMobil and ConocoPhillips exited the market and the government’s petroleum infrastructure deteriorated through neglect and lack of investment.
Trump has moved aggressively to reverse that dynamic since January, when Venezuelan authorities ousted and arrested former leader Nicolas Maduro. The president has made clear his intention to revitalize Venezuela’s oil industry and create openings for U.S. Companies to access the country’s vast fields.
The specific oil fields involved in the new agreement were previously controlled by former Venezuelan insiders, some of whom have been indicted by the U.S. Justice Department, as well as by China.
Maduro’s removal in January marked a dramatic shift in Venezuelan politics after years of socialist rule that had driven the country’s energy sector into disrepair. The collapse of Venezuela’s oil production under his government became emblematic of broader economic mismanagement that sent millions of citizens fleeing the country and turned what was once Latin America’s wealthiest nation into a humanitarian crisis.
Trump’s characterization of Rodriguez as “Highly Respected Interim President” reflects the administration’s alignment with Venezuela’s new leadership, though the political transition remains contested in some international quarters. The deal’s structure, routed through private business partnerships rather than direct government purchase, appears designed to circumvent potential legal and political obstacles to formal state-to-state resource transfers.
Rubio’s emphasis on “America First wins” signals the administration’s framing of the agreement as fulfillment of Trump’s longstanding campaign promise to reduce American dependence on foreign energy sources while extracting favorable terms from trading partners.
The projected $100 billion in private investment would represent a massive influx of capital into a Venezuelan economy that has been starved of financing due to sanctions and political isolation, though the timeline and specific corporate participants remain unspecified in public disclosures.
Trump is expected to provide additional details about the agreement’s implementation in coming days as administration officials brief lawmakers and industry stakeholders on the arrangement’s mechanics.