The United States and Venezuela have agreed on the terms of a major oil development deal that could give American companies access to more than 65 billion barrels of Venezuelan oil reserves, according to US President Donald Trump and Venezuelan officials.
Trump announced the agreement on Friday in a post on Truth Social, describing it as the “biggest oil deal in world history”. He said the agreement would more than double US oil reserves, increase domestic supply and help reduce petrol prices for American consumers.
Trump also said the agreement would put Venezuela on a path toward economic growth and greater prosperity.
Venezuela’s acting president, Delcy Rodríguez, later confirmed what she called a historic agreement in a social media statement. She said the deal would involve the development of 17 strategic oil fields and attract more than $100 billion in investment.
Rodríguez also said the Venezuelan state could receive more than $209 billion in taxes under the agreement.
Trump has repeatedly expressed interest in Venezuela’s vast oil resources and has encouraged US energy companies to invest in the country. Venezuela holds the world’s largest proven crude oil reserves, making its petroleum sector a major potential source of investment and energy supply.
US companies have previously been cautious about committing significant funds to Venezuela because of ageing oil infrastructure and political uncertainty. Years of economic turmoil and declining production have left much of the country’s petroleum industry in need of substantial investment and modernisation.
US Secretary of State Marco Rubio welcomed the agreement in a post on X, calling it a major victory for both countries.
Rubio said the deal reflected Trump’s foreign policy approach by securing energy reserves in the Western Hemisphere and potentially lowering fuel costs in the United States.
He also said the agreement could bring almost $100 billion in private investment to Venezuela, create thousands of well-paid jobs and support the rebuilding of the country’s economy.
The announcement follows increased US involvement in Venezuela. Washington has maintained close attention on Caracas since US forces carried out an operation to capture former Venezuelan leader Nicolás Maduro in January.
Following that operation, Trump said billions of dollars would be invested in Venezuela and that American companies would help rebuild its oil industry.
The latest agreement could mark a major change in the relationship between Washington and Caracas, particularly if the proposed investment results in increased Venezuelan oil production.
For Venezuela, the deal offers the prospect of substantial foreign investment and new revenue for the state. For the United States, access to additional crude supplies could strengthen regional energy security while supporting Trump’s goal of reducing fuel costs for American consumers.
Details about the agreement’s implementation, including the timetable for developing the 17 fields and the participation of individual US energy companies, have yet to be fully disclosed.
