Trump announces ‘biggest oil deal in world history’ — says it will slash gas prices

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President Trump says the U.S. has secured majority control of more than 65 billion barrels of Venezuela’s proven oil reserves in what he calls the “BIGGEST OIL DEAL IN WORLD HISTORY!”
Trump says the arrangement will more than double American oil reserves and “substantially lower Gas Prices” — at no cost to U.S. taxpayers.
Secretary of State Marco Rubio says the deal will also unleash nearly $100 billion in private investment while giving the U.S. access to stable, low-cost oil.

President Donald Trump says he just landed an oil deal big enough to change the energy map — and eventually what Americans pay at the pump.

“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 announced Friday evening on Truth Social.

The numbers are enormous.

Trump said the U.S., working with private businesses, has secured majority control of more than 65 billion barrels of Venezuela’s proven oil reserves.

“This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans, long into the future,” Trump wrote.

And Trump says taxpayers aren’t footing the bill.

He credited Secretary of State Marco Rubio, Secretary of War Pete Hegseth and Venezuelan interim President Delcy Rodriguez with reaching the agreement through a partnership with private businesses “at no cost to the American Taxpayer.”

Rubio called the agreement a “huge win” for both countries in a social-media post, saying it would provide “stable reserves and low-cost oil” in the Western Hemisphere while helping drive down U.S. gas prices.

For Venezuela, Rubio said the agreement is expected to bring nearly $100 billion in private investment, create thousands of high-paying jobs and help rebuild an oil industry battered by years of underinvestment, mismanagement and sanctions.

Rodriguez said the agreement covers development of 17 strategic oil fields with proven potential of 65 billion barrels and more than $100 billion in investment.

“These investments will contribute not only to the recovery and modernization of our industry but also to our country’s economic growth, the energy security of our hemisphere and greater balance in international markets,” Rodriguez said in announcing the agreement.

The precise structure is unusual — and some details remain murky.

Axios reported Saturday morning that a U.S. government source described it not as a traditional purchase but as a public-private arrangement under which the U.S. would receive equity and access to “off-take oil” — guaranteed crude available at cost. One administration source said the agreement was finalized, while another told Axios some details still needed to be wrapped up.

And nobody should expect 65 billion barrels to start flowing through American refineries next Tuesday.

Venezuela has the world’s largest proven oil reserves but currently produces only a fraction of its potential. Restoring neglected fields and infrastructure will require billions of dollars and years of work, and some major American producers have previously expressed caution about investing there.

But if Trump’s deal delivers anything close to what his administration is promising, the scale is staggering: American control of 65 billion barrels, roughly $100 billion in private investment and a massive new source of crude in the Western Hemisphere.

Trump’s sales pitch to Americans is considerably simpler.

More oil.

Cheaper gas.

DBS WIRE SOURCES