(dpa, AFP)
US President Donald Trump said on Friday that the United States has reached a deal with Venezuela to take control of more than 65 billion barrels of the country's proven oil reserves.
"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," Trump said on his Truth Social platform, describing it as the largest oil deal in world history.
Trump said the agreement was reached in coordination with Venezuela's interim president, Delcy Rodríguez, and involved private-sector companies. US Defense Secretary Pete Hegseth and Secretary of State Marco Rubio participated in the talks, he said. Further details of the agreement were not immediately available.
According to the US energy agency EIA, the United States had 46 billion barrels of reserves at the end of 2024. This figure includes not only crude oil but also condensate extracted from wells during production.
Late last year, the United States stepped up pressure on Venezuela and significantly increased its military presence in the region.
In the early 2000s, Venezuela nationalised oil fields, affecting US companies as well. The move was followed by disputes over compensation.
Venezuela is led by former vice president Delcy Rodríguez as interim president. She has been cooperating with Washington for some time, including on oil-related issues.
Venezuela has the world's largest proven oil reserves, consisting mainly of heavy oil that requires specialised technology to extract and refine.
Caracas confirmed that Venezuela had signed a major oil deal with the US, giving Washington majority control of 65 billion barrels of proven petroleum reserves.
The "historic" agreement would "have a significant impact on the rebirth of our nation," interim leader Delcy Rodriguez wrote on social media, hailing a potential investment of "more than $100 billion and more than $209 billion in tax revenue for the State."