President Donald Trump says Venezuela has agreed to give the U.S. majority of control of more than 65 billion barrels of proven oil reserves in the South American country.
The agreement would more than double U.S. oil reserves and eventually lower gas prices, the president said Friday in a post on Truth Social.
The announcement comes amid widespread frustration over high gas prices as a result of the Iran war, which has also depleted the U.S. strategic petroleum reserve.
Trump described the arrangement as a “partnership with private business,” but the White House did not release details of the agreement, including its structure or the companies involved.
The White House did not immediately respond to a request for more details.
“This Transaction will greatly strengthen the already growing relationship between Venezuela and the United States!” Trump wrote.
The agreement would cover a fraction of Venezuela’s 300 billion barrels of proven oil reserves.
Trump credited Secretary of State Marco Rubio and Defense Secretary Pete Hegseth with negotiating the deal with Venezuelan President Delcy Rodriguez, who was installed as the leader after the U.S. launched a military operation to seize former President Nicolas Maduro.
The U.S. has largely controlled exports of crude oil from the South American nation since snatching Maduro from his home in early January. The news appears to give the Trump administration more direct control over the country’s fields, though developing the tar-like deposits of oil and shipping it to the coast for export is likely to take years.
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