United States President Donald Trump announced that Washington has completed an energy agreement with Venezuela to acquire majority control over more than 65 billion barrels of the country's proven oil reserves.
Writing on the social media platform Truth Social, Trump described the transaction as the largest oil deal in world history and stated that it was achieved at no financial cost to American taxpayers.
Trump credited Secretary of State Marco Rubio and Secretary of War Pete Hegseth with negotiating the agreement alongside Delcy Rodriguez, the interim president of Venezuela.
Terms of the oil agreement
The deal is expected to more than double the volume of oil reserves currently under United States control. Venezuela holds the world's largest proven crude oil reserves, which total approximately 300 billion barrels.
Prior to Trump's announcement, reports indicated that negotiations focused on acquiring American stakes in more than a dozen active production fields. Rubio played a central role in those discussions alongside Rodriguez.
Washington is also seeking to attract private capital to upgrade Venezuela's petroleum industry, which has suffered from years of underinvestment and economic sanctions. Oil production in the South American nation currently stands near 1.25 million barrels per day.
United States energy strategy
The agreement forms part of a broader effort by the Trump administration to enhance United States energy security and secure higher volumes of crude for American refineries.
Washington has pushed for deeper involvement in Venezuela's energy sector since the removal of former President Nicolas Maduro from power in January. Officials have aimed to boost output while creating opportunities for American energy firms.
The announcement comes as the Trump administration faces rising domestic gasoline prices in the United States, several months ahead of the midterm elections.
The Donroe Doctrine policy
Trump linked the energy deal with Caracas to his broader foreign policy strategy, which he terms the Donroe Doctrine, a modern adaptation of the historic 1823 Monroe Doctrine.
The policy focuses on expanding United States geopolitical, economic, and energy influence across the Western Hemisphere, placing Venezuela and its vast mineral and energy resources at the center of the effort.
Before the agreement was finalized, news outlet Axios characterized the negotiations as one of the most significant energy initiatives of the Trump presidency, noting that the outcome could form a major component of the president's political legacy.
