Amid high gas prices and shrinking crude stockpile, Trump says U.S. to take control of 65 billion barrels of Venezuelan oil reserves

President Donald Trump announced on Friday that the United States has reached an agreement with Venezuela to take control of 65 billion barrels of the country's oil reserves. The deal, which Trump claimed was the "biggest oil deal in world history," was reportedly negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and Venezuela's interim President Delcy Rodriguez.

Trump's announcement came nearly nine months after the U.S. military, at his direction, captured Venezuela's president Nicolás Maduro and brought him to the United States to face federal narcoterrorism and drug trafficking charges. The U.S. faces increasing pressure to address high gas prices, as the country's strategic petroleum reserves have dwindled to below 300 million barrels, a significant drop since the start of the year.

In the aftermath of Maduro's removal in January, Trump had previously suggested that American oil companies should return to Venezuela to reclaim its oil reserves, citing the country's theft of U.S. assets in the past. Venezuela possesses one of the world's largest oil reserves, with an estimated 303 billion barrels of crude oil, representing about 17% of global reserves. However, due to outdated infrastructure, Venezuela currently produces only 1% of the world's oil.