On Friday, President Donald Trump said the U.S. has reached an agreement with Venezuela for majority control of more than 65 billion barrels of proven oil reserves.
Trump Announces 'Biggest Oil Deal in World History' as US Secures Majority Control of Venezuela's 65 Billion-Barrel Reserves Amid Iran War
MarketDash
Trump announced a major deal giving the U.S. majority control of more than 65 billion barrels of Venezuelan oil reserves.
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Trump Touts Historic Venezuela Oil Deal
Trump announced the agreement on Truth Social, calling it "THE BIGGEST OIL DEAL IN WORLD HISTORY." He added that it would come at "no cost to" American taxpayers.
The president said U.S. officials worked with Venezuelan leaders and unnamed private companies to secure the agreement, which he said would strengthen relations between Washington and Caracas.
"This Transaction will greatly strengthen the already growing relationship between Venezuela and the United States," Trump wrote.
Trump also said the agreement could help bring down gasoline prices by expanding access to Venezuela's enormous oil reserves.
Venezuela Oil Deal Comes as Gas Prices Surge
The deal comes as U.S. drivers face higher energy costs. The average U.S. gasoline price reached about $4.09 per gallon on Friday.
In his post, Trump also highlighted the deal as a way to strengthen U.S. energy security.
He said it would more than double U.S. oil reserves, though oil reserves controlled through a foreign agreement are different from crude physically held in the Strategic Petroleum Reserve.
Iran War Disrupts Global Oil Markets
The announcement comes amid continued disruption to global crude markets caused by the U.S. war with Iran.
The Strait of Hormuz, a crucial route for global oil shipments, has seen dramatically reduced traffic during the conflict. That has contributed to higher crude prices and concerns over global supply.
WTI crude fell roughly 4% this week but remains more than 24% higher since the war began.
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