President Donald Trump announced what he called the “biggest oil deal in world history,” saying an agreement with Venezuela will give the United States control of 65 billion barrels of oil and more than double American oil reserves.
By yourNEWS Media Newsroom
President Donald Trump announced Friday that the United States has reached a sweeping oil agreement with Venezuela that will give Washington control of 65 billion barrels of Venezuelan crude, a deal he said will dramatically expand U.S. reserves and help drive down domestic gasoline prices.
The United States will take control of the oil under the agreement, which Trump described on Truth Social as unprecedented in scale.
“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.
“This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans.”
Trump credited Secretary of State Marco Rubio and Secretary of War Pete Hegseth with helping secure the agreement with Venezuela’s interim president, Delcy Rodriguez.
Rubio also celebrated the agreement, describing it in a post on X as 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.”
The announcement comes as the administration is also attempting to stabilize global energy supplies through the Strait of Hormuz while increasing economic pressure on Iran.
Trump recently said shipping through the strategically important waterway is again “functioning,” although Iranian attacks remain a threat.
“A lot of oil is pouring out,” Trump told Glenn Beck during an interview, adding that U.S. military forces had cleared mines from the strait.
The administration this week also intensified its economic campaign against Tehran in an initiative Trump described as an “Economic D-Day.”
Treasury Secretary Scott Bessent characterized the new sanctions targeting Iran and its allies as the “single greatest financial offensive ever.”
The Venezuela agreement would give the United States access to a massive additional supply of crude at a time when the White House is seeking to increase energy availability and reduce pressure on fuel prices.
Trump said the 65 billion barrels covered by the agreement would more than double existing American oil reserves.
The administration is portraying the deal as both an energy-security agreement and a foreign-policy achievement, with Rubio emphasizing the value of obtaining large quantities of lower-cost oil from within the Western Hemisphere.
The agreement also marks a major shift in the U.S. relationship with Venezuela, placing energy cooperation with Rodriguez’s interim government at the center of Washington’s regional strategy.
Trump has not disclosed additional terms of the arrangement beyond the volume of oil involved and the U.S. control he said it provides.
The announcement nevertheless places Venezuela alongside the reopening of Hormuz and the administration’s campaign against Iran as part of a broader effort to reshape international energy flows.
With Trump saying oil shipments through Hormuz are increasing and the United States now securing access to 65 billion barrels from Venezuela, the administration is presenting the developments as a combined effort to expand supplies, strengthen U.S. energy security and lower fuel costs for American consumers.
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