In a social media post, Trump called it "the biggest oil deal in world history " at "no cost to the American Taxpayer," and said it would provide majority US control of more than 65 billion barrels of proven oil reserves in Venezuela.
Venezuela has one of the world’s largest proven crude oil reserves as of 2024 with approximately 303 billion barrels, accounting for 17% of global reserves .
The announcement followed weeks of US-Venezuelan negotiations over a deal that would give American companies long-term access to a group of Venezuelan oilfields and guarantee the resulting crude supply to the United States.
Venezuelan officials are preparing to sign agreements next week granting new oil exploration and production rights to a number of companies, particularly US firms.
US consumers are facing soaring energy prices as midterm elections approach. According to the American Automobile Association (AAA), gas price in the US currently averages around 4.09 USD per gallon (or 1.08 USD per liter), up 27% from the same period last year.
