U.S. has entered deal with Venezuela to take control of 65 billion barrels of oil reserves, Trump says

President Donald Trump announced Friday that the U.S. had entered into an agreement with Venezuela to take control of the country’s 65 billion barrels of oil reserves.

“BREAKING NEWS: 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,” Trump wrote on Truth Social.

Trump added that the transaction “MORE THAN DOUBLES American Oil Reserves.In January, the U.S. military carried out an operation to capture Venezuela’s President Nicolás Maduro to face federal narcoterrorism and drug trafficking charges in the U.S.

Trump is facing increasing pressure as the midterms loom and gas prices have spiked because of the war with Iran, which the U.S. and Israel started exactly six months ago.

Secretary of State Marco Rubio touted the deal as a “huge win” for both the U.S. and Venezuela in a post on X.

“It demonstrates how President Trump’s bold foreign policy is driving America First wins: securing stable reserves and low-cost oil in our Hemisphere and lowering gas prices here at home,” he wrote. “For the Venezuelan people, this deal will bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela’s economy.”