US President Donald Trump has announced that the United States has reached a new oil deal with Venezuela, which he claims will significantly increase US oil reserves and supplies, helping to lower fuel prices.
Trump stated that, as part of the agreement, the US has secured majority control over more than 65 billion barrels of proven oil reserves in Venezuela, at no cost to American taxpayers.
"This historic transaction more than doubles America's oil reserves, greatly increases our oil supply, and will significantly lower gas prices for all Americans," Trump wrote on social media.
The agreement was negotiated by US Secretary of State Marco Rubio and Secretary of War Pete Hegseth, in collaboration with Venezuela's interim president Delcy Rodríguez, as well as private companies.
According to a White House official, the deal gives the United States 55% of the effective production of a new private joint venture, which is expected to be among the largest private oil companies in the world by reserves.
With US support, Rodríguez has granted private companies concessions of up to 100 years to exploit oil fields.
According to the American official, the oil produced will be used to increase the US strategic reserves and meet the country's energy needs.
Marco Rubio called the agreement a "huge victory" for both countries.
"For the Venezuelan people, this agreement will bring nearly $100 billion in private investment, support thousands of high-wage jobs, and spur the reconstruction of Venezuela's economy," Rubio declared.
Delcy Rodríguez also praised the agreement, saying that Venezuela's goal is to consolidate its position as an energy producing power and use its large oil reserves for the country's economic development.
The announcement comes at a time when the average price of gasoline in the US has exceeded $4 per gallon, while US strategic reserves are at very low levels.
Venezuela possesses the world's largest proven oil reserves, making the country a strategic partner for the Trump administration in efforts to increase supply and lower energy prices.
