Trump Announces 'Biggest Oil Deal In World History' With Venezuela, Says US To Control 65 Bn Barrels

US President Donald Trump on Friday announced what he described as the “biggest oil deal in world history” with Venezuela, saying it would give Washington majority control of more than 65 billion barrels of the South American country's proven oil reserves.

Trump said the deal was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Venezuela's interim President Delcy Rodriguez. "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 in a post on Truth Social.

He said the agreement was secured through a partnership with private businesses and would come "at no cost to the American Taxpayer." According to Trump, the agreement will more than double US oil reserves and substantially expand the country's oil supply.

He said the additional supply would help bring down gasoline prices in the United States over the long term while supporting Venezuela's economic recovery. "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, while helping to continue to set Venezuela on a course toward Tremendous Success and Great Prosperity.

This Transaction will greatly strengthen the already growing relationship between Venezuela and the United States! Thank you for your attention to this groundbreaking matter," added Trump. The announcement comes as Trump faces pressure over elevated fuel prices in the United States and the war in Iran reaches the six-month mark without an end in sight.

The United States has drawn on its strategic petroleum reserves, which fell below 300 million barrels in early August. The stockpile has declined by more than 100 million barrels since the beginning of 2026, Associated Press reported.

The conflict involving the US and Israel against Iran has also sharply reduced Gulf oil flows through the Strait of Hormuz. Before the conflict, around 20 per cent of the world's petroleum passed through the waterway. The average US gasoline price stood at about $4.09 a gallon on Friday, according to AAA, compared with $3.21 at the same time last year.

Trump indicated that the Venezuela arrangement would involve a private-sector partnership, but details about the companies participating in the deal were not immediately available. Rubio said on X that the latest agreement would bring $100 billion in private investment to Venezuela and contribute to lower gasoline prices in the United States.

"This deal is a huge win for both the American and Venezuelan people," Rubio posted. Venezuela has an estimated 303 billion barrels of crude oil reserves, among the largest in the world, according to the US Energy Information Administration.

The country's reserves account for about 17 per cent of the world's total supply. Experts say much of Venezuela's underground oil has already been mapped and identified.