Trump says U.S. deal covers 65 billion barrels of Venezuelan oil reserves

WASHINGTON - President Donald Trump said Friday that the United States has entered an agreement with Venezuela covering more than 65 billion barrels of proven oil reserves, calling it the biggest oil deal in world history.

Trump wrote on social media that Secretary of State Marco Rubio and Defense Secretary Pete Hegseth reached the arrangement with Venezuela's interim president, Delcy Rodriguez, through a partnership with private business. He said the transaction would more than double American oil reserves, increase supply and lower gasoline prices, at no cost to U.S. taxpayers.

Rodriguez's government said the deal involves development of 17 fields with a proven potential of 65 billion barrels. Caracas said the agreement could draw about $100 billion in investment and yield more than $209 billion in taxes for Venezuela. Rubio called the pact a win for both countries and said it would support high-paying jobs and help rebuild Venezuela's battered oil industry.

A U.S. official speaking anonymously told AP that Rodriguez granted a private company 100-year rights to develop the fields. The United States would hold about 55% effective output of the new venture, including an ownership stake and rights to buy oil at cost. Axios reported that the Pentagon's Office of Strategic Capital would help oversee financing tied to national defense priorities.

Venezuela holds the world's largest proven oil reserves, estimated near 303 billion barrels, but production collapsed from its late-1990s peak after years of underinvestment and sanctions. Trump has pressed U.S. oil firms to invest at least $100 billion to restore output after the United States arrested former President Nicolas Maduro earlier this year on narcoterrorism charges.

Details on which private partners will operate the fields have not been fully released. Gas prices at home remain a political pressure point. Markets will watch contracts, shipping and whether crude actually reaches U.S. refiners before treating the announcement as a finished supply story.