Donald Trump said the US has gained majority control over more than 65 billion barrels of Venezuelan oil.
In a post on Truth Social on Friday, Trump said the US had reached “THE LARGEST OIL DEAL IN WORLD HISTORY” with Venezuelan interim President Delcy Rodríguez and private companies, and that the deal would be done “at no cost to the American taxpayer.”
“This historic transaction MORE THAN DOUBLE US oil reserves,” Trump wrote, adding that it would significantly lower gas prices.
The White House has not released the agreement or explained which companies are participating, how “control” is defined, or how quickly the oil could reach global markets.
The announcement follows the arrest of Nicolás Maduro in January and Trump’s pressure on US oil producers to rebuild Venezuela’s deteriorated energy industry. Trump previously said companies would spend at least $100 billion on the effort.
According to the U.S. Energy Information Administration, Venezuela has the largest proven energy sector in the world crude oil reservesat approximately 303 billion barrels. But years of underinvestment, sanctions and political instability have eroded its production capacity.
“A tremendous amount of money is going to have to be spent,” Trump previously told NBC News in an interview in January, pointing to his plans to extract oil in Venezuela. oil companies will spend it, and then they will be reimbursed by us or through the revenue.
The White House did not immediately respond to a request for comment.
