US enters into oil agreement with Venezuela, Trump says

U.S. President Donald Trump announced on Friday that the United States has entered into an oil agreement with Venezuela. In a post on Truth Social, Trump stated that through the efforts of Secretary of State Marco Rubio, Secretary of War Pete Hegseth, and the interim President of Venezuela, Delcy Rodriguez, U.S. control of over 65 billion barrels of proven oil reserves in Venezuela has been secured.

This partnership, secured at no cost to the American taxpayer, is intended to more than double American oil reserves. Since the removal of former President Nicolas Maduro in January, the U.S. has been striving to ensure a stable supply of Venezuelan crude for its refineries while encouraging American investment in Venezuela's struggling energy sector, which currently produces around 1.25 million barrels per day.

The administration is facing pressure leading up to midterm elections this year over rising gasoline prices, which could potentially be mitigated through cheaper oil supplies and increased output. Furthermore, the U.S. is seeking ways to replenish its Strategic Petroleum Reserve, including the possibility of crude swaps with U.S. producers.