Published on 29/08/2026 - 8:18 GMT+2•Updated 8:21

The US and Venezuela have agreed terms on a huge oil deal that could see Washington take control of more than 65 billion barrels Venezuela's oil reserves.

US President Donald Trump had announced the agreement on Friday in a post on Truth Social, calling it the "biggest oil deal in world history."

"This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans," he wrote, adding that it would also help "set Venezuela on a course toward Tremendous Success and Great Prosperity."

Delcy Rodríguez, the acting president of Venezuela - which has the world's largest proven oil reserves - later confirmed the "historic" deal in a statement posted to social media.

According to Rodríguez, the agreement "calls for the development of 17 strategic fields" and could see investment of "more than $100 billion, and more than $209 billion in taxes for the state."

Trump has long been candid about his desire for the US to secure Venezuelan oil and has urged oil companies to invest in the South American nation.

Many firms have remained wary, however, with concerns over aging infrastructure and political uncertainty both at home and in Venezuela.

In a post on X, US Secretary of State Marco Rubio hailed the deal as a "huge win for both the American and Venezuelan people."

"It demonstrates how President Trump's bold foreign policy is driving America First wins: securing stable reserves and low-cost oil in our Hemisphere and lowering gas prices here at home," he wrote.

"For the Venezuelan people, this deal will bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela's economy," Rubio added.

Washington has been keeping a close watch on Caracas since US forces conducted an operation to capture former leader Nicolás Maduro in January. Following the operation, Trump pledged to pump billions into Venezuela and said US firms would rebuild the country's oil industry.