WASHINGTON: US President Donald Trump said Friday that the United States had reached an oil agreement with Venezuela.
Trump said the deal gives US interests control of a large share of Venezuela’s proven oil reserves.
Trump Announces Venezuela Oil Deal
Trump shared the announcement on his Truth Social account.
He said Secretary of State Marco Rubio and Secretary of War Pete Hegseth worked with Venezuelan interim President Delcy Rodriguez.
Trump also said private companies took part in the agreement.
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According to Trump, the deal gives the United States majority control of more than 65 billion barrels of proven Venezuelan oil reserves.
He said the deal would come at no cost to American taxpayers.
US Seeks More Venezuelan Oil
The announcement comes after major changes in US-Venezuela relations.
Washington has sought a steady supply of Venezuelan crude for US refineries.
The United States has also encouraged investment in Venezuela’s damaged energy sector.
Venezuela remains a major oil producer.
The country currently produces about 1.25 million barrels of crude per day, according to the information provided.
Trump Says US Oil Reserves Could Double
Trump said the agreement could more than double US oil reserves.
The claim comes as his administration faces pressure over fuel prices.
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US gasoline prices have become a key concern ahead of the midterm elections later this year.
More Venezuelan crude could help US refineries secure additional supplies.
Lower oil prices could also reduce pressure on gasoline prices.
US Looks to Rebuild Oil Stockpile
The United States also wants to rebuild its Strategic Petroleum Reserve.
The reserve holds crude oil for use during major supply disruptions.
Washington has considered several ways to increase the stockpile.
One option involves oil swaps with US producers.
The new Venezuela agreement could therefore become part of a wider US effort to secure energy supplies.
However, details about the agreement remain limited.
Further information will be needed to determine how the deal will work and how much control US companies will gain over Venezuelan oil production.
