Trump says US reaches deal with Venezuela to control 65 billion barrels of country’s oil reserves

President Donald Trump announced on Friday that the United States has reached a significant oil agreement with Venezuela, which he claims will more than double America's oil reserves, increase oil supply, and lower gas prices. The deal, secured with the assistance of Secretary of State Marco Rubio and Secretary of War Pete Hegseth, was negotiated with Venezuela's interim leader, Delcy Rodriguez.

According to the White House, the agreement will grant the U.S. a 55% effective output of a new private joint venture, making it the second-largest private oil company by reserves globally. This joint venture will have 100-year concessions for the oil fields, with the U.S. government securing more than half the value of the new oil giant through equity ownership and guaranteed at-cost off-take.

The deal is expected to bring $100 billion in private investment to Venezuela and create thousands of high-paying jobs, according to Rubio. Trump's announcement comes ahead of the US midterm elections, as the national average gas price stands at over $4 a gallon.