U.S. secures 65B barrels of oil reserves in sweeping deal with Venezuela, Trump announces

President Donald Trump announced on Friday that the United States has secured majority control over over 65 billion barrels of Venezuela's proven oil reserves, describing the deal as the largest in history. The agreement, brokered by Secretary of State Marco Rubio and Secretary of War Pete Hegseth, along with interim Venezuelan President Delcy Rodriguez and private firms, aims to more than double America's oil reserves and potentially lower gasoline prices for American consumers.

The structure of the deal, private partners involved, and the specifics of U.S. control over the Venezuelan reserves were not disclosed by the president. The move comes amid global energy market challenges due to the Iran conflict and ahead of the November U.S. midterm elections, with fuel prices and inflation being key concerns for the administration.

Bloomberg had previously reported that the U.S. was eyeing a substantial stake in Venezuela's oil through a possible partnership between the Department of Defense and energy investor Alejandro Betancourt, who facilitated talks covering up to 17 oil fields in Venezuela's primary petroleum-producing regions. The agreement is expected to bolster relations between Washington and Caracas and aid Venezuela's economic revival.