US President Donald Trump has announced what he described as the “biggest oil deal in world history,” an agreement that grants the United States majority control over more than 65 billion barrels of proven crude oil reserves in Venezuela.
According to Trump, the landmark transaction was negotiated under his direction by Secretary of State Marco Rubio and Secretary of War Pete Hegseth. They worked closely with Venezuela’s interim President Delcy Rodriguez and private-sector partners to finalize the agreement.
Implications for US Energy and Economy
Trump asserted that the deal would more than double American oil reserves and significantly increase the country's access to crude supplies. He also claimed that the agreement is expected to substantially lower gasoline prices for American consumers over the long term, providing much-needed relief at the pump.
Beyond domestic benefits, the US President indicated that the agreement would play a crucial role in reviving Venezuela’s economy and strengthening diplomatic ties between Washington and Caracas. This announcement follows months of heightened US pressure on Venezuela, including sanctions enforcement and increased American oversight of the country’s oil exports, measures Washington stated were aimed at stabilizing Venezuela's energy sector.
Strategic Context and Venezuela's Reserves
The agreement emerges as the US faces ongoing pressure regarding fuel supplies and energy prices, exacerbated by international conflicts. The US Strategic Petroleum Reserve had reportedly fallen below 300 million barrels in early August, a significant decline from January 2026 levels.
Venezuela holds the world's largest proven crude oil reserves, estimated at around 303 billion barrels, which accounts for approximately 17% of global reserves, according to the US Energy Information Administration. Greater access to these vast reserves could provide Washington with a critical additional source of oil supply. However, the precise impact on US gasoline prices will depend on various factors, including actual production levels, refining capacity, transportation logistics, and global crude market dynamics.
This development also marks a dramatic escalation in US-Venezuela relations, following a US operation nine months prior, which saw the capture of former Venezuelan President Nicolas Maduro and his wife under Trump’s orders, to face narcoterrorism and drug-trafficking charges in the United States.