Trump said the agreement was reached under his direction by Secretary of State Marco Rubio and Secretary of War Pete Hegseth, working with Venezuela’s interim President Delcy Rodríguez and private-sector partners.
In a post on social media, Trump said the United States had secured majority control of more than 65 billion barrels of proven Venezuelan oil reserves without cost to American taxpayers.
“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 said.
Trump’s focus on lowering gasoline prices comes less than two months before the US midterm elections, as the national average price of gasoline remains above $4 per gallon.
The announcement also comes amid disruptions to global energy markets caused by the war involving Iran. The conflict has affected a significant portion of the world’s oil supply, while commercial oil and fuel stockpiles have declined sharply. US emergency reserves are also at their lowest levels since the early 1980s.
Venezuela’s interim President Delcy Rodríguez welcomed the agreement, saying it would help the country make greater use of its vast energy resources for economic development.
“Our goal is to move toward consolidating our position as an energy-producing power, putting our immense reserves at the service of national development, job creation, increased income for our workers, and the well-being of our people,” Rodríguez said.
A White House official said the agreement would give the United States a 55% effective share of the output from a new private joint venture, which the official described as potentially becoming the world’s second-largest private oil company by reserves.
According to the official, Rodríguez granted the private company 100-year concessions to operate the oil fields. The venture will involve the US government and a private operator in Venezuela.
The official said the United States would receive more than half of the value generated by the new oil company through equity ownership and guaranteed oil purchases at cost.
As production increases, the resulting supply is expected to help replenish the US Strategic Petroleum Reserve and meet the energy needs of the US military.
Rubio described the agreement as a “huge win” for both Americans and Venezuelans.
He said the deal could bring nearly $100 billion in private investment to Venezuela, create thousands of high-paying jobs and support the reconstruction of the country’s economy.
The agreement follows major changes in US-Venezuela relations earlier this year. At the beginning of 2026, the United States captured Venezuela’s former leader Nicolás Maduro during a large-scale military operation and took him and his wife to New York to face criminal charges.
Following the operation, Trump said American companies would help rebuild Venezuela’s oil industry.
In January, Venezuelan lawmakers also approved changes to the country’s oil laws, backed by Rodríguez, aimed at making it easier for foreign companies to participate in the sector.
Venezuela holds the world’s largest proven oil reserves, making the country a potentially significant source of additional crude oil for the United States and global markets.
