Trump said the US government has reached a deal to secure 65 billion barrels of oil reserves in Venezuela

Donald Trump announced on Friday that the US has secured majority control of over 65 billion barrels of Venezuelan oil reserves, according to a post on Truth Social. The agreement was reportedly reached with interim Venezuelan President Delcy Rodríguez and private energy companies, with Trump describing it as "THE BIGGEST OIL DEAL IN WORLD HISTORY."

The White House has not released the full terms of the deal or disclosed which companies are involved. Trump claimed that the agreement would not cost American taxpayers any money and that it would more than double the country's oil reserves, potentially leading to lower gas prices. The announcement comes after the capture of President Nicolás Maduro in January and Trump's advocacy for American oil producers to revitalize Venezuela's energy sector.

According to the US Energy Information Administration, Venezuela possesses the world's largest proven crude oil reserves, totaling approximately 303 billion barrels. However, years of inadequate investment, sanctions, and political instability have severely diminished the country's oil production capacity. Trump had previously estimated that companies would invest at least $100 billion in the endeavor, with the US reimbursing them through revenue. The White House did not provide a response to requests for further information.