Trump announces "biggest oil deal in world history" with Venezuela

U.S. President Donald Trump announced on Friday that the United States has signed a landmark energy agreement with Venezuela, describing it as the "biggest oil deal in world history" and claiming Washington has secured majority control over more than 65 billion barrels of the South American nation's proven crude reserves.

According to the statement published by Trump on social media, the deal was negotiated under his direction by Secretary of State Marco Rubio and Defenсe Secretary Pete Hegseth, in collaboration with Venezuela's interim President, Delcy Rodríguez, and private sector partners.

Trump asserted that the arrangement was achieved "at no cost to the American Taxpayer" and would "more than double" total U.S. crude oil reserves. The administration maintains that the influx of energy supplies will significantly reduce domestic gasoline prices over the long term while bolstering economic stabilisation efforts in Venezuela.

"The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY! At my direction, Secretary of State Marco Rubio, and Secretary of War Pete Hegseth, working closely with Highly Respected Interim President of Venezuela, Delcy Rodriguez, and, through a partnership with private business, have secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer. This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans, long into the future, while helping to continue to set Venezuela on a course toward Tremendous Success and Great Prosperity. This Transaction will greatly strengthen the already growing relationship between Venezuela and the United States!" Trump wrote.

The announcement comes following months of intense U.S. diplomatic and political engagement in Caracas after the removal of former President Nicolás Maduro earlier in the year. Venezuelan officials confirmed that the agreement encompasses 17 major oil fields and is expected to attract substantial private capital investments to revitalise the country's energy infrastructure.

By Tamilla Hasanova