US secures majority control of 65B barrels of Venezuelan oil: Trump

US President Donald Trump said Friday that Washington finalized an agreement with Venezuela to secure majority control of more than 65 billion barrels of proven oil reserves.

“The United States of America has just entered into an agreement with the country of Venezuela on the biggest oil deal in world history,” he wrote on his social media platform Truth Social.

He credited Secretary of State Marco Rubio and Defense Secretary Pete Hegseth for working alongside Venezuelan Acting President Delcy Rodriguez to finalize the transaction. Rodriguez assumed the interim presidency in January after a US military operation captured President Nicolas Maduro.

Trump asserted that the deal was achieved through a partnership with private industry and would involve no cost to American taxpayers. He claimed the transaction more than doubles existing US oil reserves and will "substantially lower gas prices" for Americans in the long term, while promoting prosperity in the South American nation.

The deal will strengthen the rapidly evolving relationship between Washington and Caracas, said Trump.

Rubio said the deal is a "huge win" for both nations, and that it will bring nearly $100 billion in private investment to Venezuela.

Venezuelan 'revival'

Rodriguez characterized the agreement as a “historic milestone” that will catalyze the “nation's revival.”

She said in a statement that the initiative is a direct result of strengthening ties with Washington and will facilitate a massive flow of capital for the “recovery and reconstruction of strategic infrastructure” in the hydrocarbons industry.

Rodriguez said the pact involves the development of 17 strategic fields with a proven potential of 65 billion barrels. She projected that the deal would secure an investment of more than $100 billion and generate more than $209 billion in taxes for the country. The acting leader asserted that the contributions will promote "the energy security of our hemisphere" and provide "greater balance in international markets."

The Washington Post reported earlier that the administration is targeting a stake in 17 specific oil fields, several of which have suffered from years of neglect and lack necessary transport infrastructure.

Transferring control of natural resources to Washington could require changes to Venezuela’s Constitution due to strong domestic opposition, according to the report.

Despite the administration’s efforts to attract investment in the post-January status quo, Venezuelan oil production has increased by only about 200,000 barrels per day in the last year, according to The Washington Post.

US Energy Secretary Chris Wright is expected to travel to Venezuela next week.