- Will give the United States access to more than 65 billion barrels of Venezuelan oil and double US oil reserves, increase supplies and significantly reduce gasoline prices for Americans over the long term.
US President Donald Trump has announced what he described as the “biggest oil deal in the world” with Venezuela, saying the agreement will expand US access to Venezuelan crude and boost oil supplies.
Trump said the agreement was reached by US Secretary of State Marco Rubio and Secretary of Defense Pete Hegseth with Venezuela’s interim president, Delcy Rodriguez, who previously served as a senior official under former President Nicolas Maduro.
In a post on Truth Social, Trump described the agreement as a “historic deal” and said it would give the United States access to more than 65 billion barrels of Venezuelan oil reserves. Trump said the deal would double US oil reserves, increase supplies and significantly reduce gasoline prices for Americans over the long term.
The announcement comes after the ouster of Maduro and signals closer ties between Washington and Venezuela under Rodriguez’s interim leadership. Trump said the agreement would strengthen US access to Venezuela’s vast oil resources while increasing the availability of energy supplies in the United States.
The claims about the scale of the agreement and its potential impact on US oil reserves, supplies and gasoline prices were made by Trump in his announcement.
