U.S. President Donald Trump has revealed that his administration has struck a massive oil deal with Caracas, granting the United States control over the majority of Venezuela's confirmed oil reserves, which exceed 65 billion barrels.
Trump described the agreement in a post on his Truth Social platform as the "biggest oil deal in world history," noting that it would more than double U.S. oil reserves.
The Venezuelan government has been under intense pressure from the Trump administration since the U.S. ousted President Nicolás Maduro and allowed his then-deputy, Delcy Rodríguez, to temporarily assume the presidency, under the condition of adhering to American directives.
Trump noted that Secretary of State Marco Rubio and Defense Secretary Pete Hegseth reached this new oil agreement with Rodríguez "through a partnership with the private sector."
He said, "This deal will significantly strengthen the growing relationship between Venezuela and the United States."
Rubio estimated that the agreement would bring around $100 billion in private investments to Venezuela.