US President Donald Trump announced on Friday that his administration had reached a sweeping oil agreement with Venezuela that would give the United States majority control over 65 billion barrels of proven petroleum reserves.
Trump described the agreement as “the biggest oil deal in world history,” saying it would more than double US oil reserves and further strengthen relations between Washington and Caracas.
US and Venezuelan officials said the agreement was expected to generate nearly $100 billion in private investment in Venezuela, which possesses the world’s largest proven crude oil reserves.
Venezuela’s interim leader Delcy Rodriguez confirmed the agreement, describing it as a historic step that would contribute to the country’s economic recovery.
Rodriguez said the arrangement had the potential to attract more than $100 billion in investment and generate over $209 billion in tax revenue for the Venezuelan state.
The deal represents a major development in relations between the two countries following the US operation in January that ousted and captured longtime Venezuelan leader Nicolas Maduro.
Washington subsequently allowed Rodriguez, who had served as Maduro’s vice president, to remain in power as interim leader under a new relationship with the Trump administration.
Trump has repeatedly identified access to Venezuela’s vast petroleum resources as a priority for the United States.
Announcing the agreement on Truth Social, he said Secretary of State Marco Rubio and Defense Secretary Pete Hegseth had negotiated the arrangement with Rodriguez in partnership with private businesses.
“This Transaction will greatly strengthen the already growing relationship between Venezuela and the United States!” Trump said.