Trump announces 'historic' US-Venezuela oil deal that he says will lower gas prices

President Donald Trump declared on social media that the United States and Venezuela had reached a historic oil deal, claiming it would grant the U.S. majority control of over 65 billion barrels of proven oil reserves in the Caribbean nation and lower gas prices for Americans. The president emphasized that the agreement would provide substantial long-term relief from high gas prices, even as they continue to rise due to the ongoing Iran war, which marked its six-month anniversary on the same day.

The deal, brokered by Secretary of State Marco Rubio, Secretary of War Pete Hegseth, and Venezuela's acting President Delcy Rodriguez, would see the U.S. take control of more than 65 billion barrels of oil reserves in Venezuela without any financial burden on American taxpayers. In a statement on social media, Rodriguez praised the arrangement, stating that it would mark a significant turning point in the economic recovery of her country, which had been suffering from severe crises for years.

Following the June earthquakes that killed over 6,000 people, she called the agreement a historic milestone in U.S.-Venezuela relations.

According to Rodriguez, the deal would enable significant oil production growth, involving private operators, and call for the development of 17 strategic fields with a potential of 65 billion barrels of oil. The agreement also promised an investment of over $100 billion, generating more than $209 billion in tax revenue for Venezuela. As the world's largest holder of proven oil reserves, Venezuela's economy could now experience a new era of recovery, growth, and security.

Chevron, the U.S. oil company currently operating in Venezuela, did not comment on the president's announcement. Trump also stated that the deal would strengthen the relationship between the U.S. and Venezuela. In January, the U.S. conducted a military operation to arrest then-President Nicolas Maduro and his wife, accusing them of narco-terrorism and drug trafficking. Both are facing trial in New York City in 2027.

Secretary of State Marco Rubio hailed the deal as a huge win for both the U.S. and Venezuela, emphasizing how it aligns with President Trump's America First foreign policy. The agreement would secure stable oil reserves in the hemisphere, bring low-cost oil to the U.S., lower gas prices, and generate nearly $100 billion in private investment and thousands of high-paying jobs for the Venezuelan people.