U.S. President Donald Trump announced Friday that he had signed what he described as “the biggest oil deal in the history of the world” with Venezuela’s interim government.
Trump said the agreement gives the United States majority control over more than $65 billion worth of Venezuela’s proven oil reserves, which he claimed would more than double U.S. oil reserves and significantly increase the country’s crude supply.
According to Trump, the agreement could help substantially lower gasoline prices in the United States while also supporting Venezuela’s economic recovery and strengthening ties between Washington and Caracas.
Trump said the deal was reached through cooperation between Secretary of State Marco Rubio, Secretary of War Pete Hegseth, interim Venezuelan President Delcy Rodríguez and private-sector representatives
