President Donald Trump announced in a Truth Social post on Friday that the United States is taking control of 65 billion barrels from Venezuela’s 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!” Trump wrote. “This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans.”
The announcement of the deal comes as gas prices in the United States have remained high six months into conflicts with Iran, and roughly nine months after American military forces captured Venezuelan leader Nicolás Maduro.
Trump said the deal, which was done through a partnership of private businesses, was brokered by Secretary of State Marco Rubio, Secretary of War Pete Hegseth, and “Highly Respected” interim Venezuelan President Delcy Rodriguez, who served as Maduro’s vice president.
“This deal is a huge win for both the American and Venezuelan people,” Rubio wrote 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.”
Rubio added in his X post that, for Venezuelans, the deal will bring nearly $100 million in private investment and thousands of high-paying jobs.
The deal comes at no cost to American taxpayers, the president said, “while helping to continue to set Venezuela on a course toward Tremendous Success and Great Prosperity.”
“This Transaction will greatly strengthen the already growing relationship between Venezuela and the United States!” Trump said.
The Venezuela deal comes days after Trump said oil shipping through the Strait of Hormuz was “functioning” but ships were still at risk of attacks. The president told radio host Glenn Beck that the U.S. military removed all the mines from the waterway.
“Yes, every once in a while there will be a drone or a rocket or something shot, but it is a very functioning strait. A lot of oil is pouring out,” Trump said.
Ten million barrels of oil were transited through the strait on Aug. 25, according to Trump.
Also earlier this week, crude oil prices extended their losses as the United States ramped up its economic pressure on Iran, rather than more military action, through nearly 60 new sanctions, dubbed by Treasury Secretary Scott Bessent as Operation Economic Outcast.
Bessent described the measures on Aug. 24 as an “economic D-Day” and said the operation is the “single greatest financial offensive ever.”
Oil prices did drop slightly before the Treasury secretary’s announcement of the sanctions.
On Aug. 25, a barrel of West Texas Intermediate, which is the benchmark for U.S. oil prices, was $83.44 on the New York Mercantile Exchange. That marks about a 2.2 percent decline over the past five days.
As of this publication, average gas prices in the United States hovered at $4.09, according to the American Automobile Association. The average diesel price was $5.61.
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