Trump says US has entered deal with Venezuela to take control of 65 billion barrels of oil reserves

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

Trump's announcement comes nearly nine months after a U.S. military operation captured President Nicolas Maduro and brought him to the United States to face federal narcoterrorism and drug trafficking charges. The deal was announced just as Iran's war with the U.S. entered its six-month milestone with no end in sight, causing the U.S. to tap its strategic petroleum reserves, which had fallen below 300 million barrels in early August.

The White House did not immediately respond to requests for comment on the private sector partners involved in the agreement, nor did it provide details on the arrangement. However, Trump hinted that the deal would be a private partnership, and the White House did not comment on the specifics.

While Trump insisted that his administration had brought stability to Venezuela, ExxonMobil CEO Darren Woods expressed caution about investing in the country, citing its decades-long damaged infrastructure. Despite this, Rubio claimed that the agreement would bring $100 billion in private investment to Venezuela and help lower gas prices in the United States. Venezuela, which has one of the world's largest oil reserves, estimated at 303 billion barrels, has struggled to produce oil due to its outdated infrastructure.