President Donald Trump announced a major oil agreement with Venezuela on Friday, stating that the United States has secured majority control of more than 65 billion barrels of the country's proven oil reserves.

"The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!" Trump wrote on Truth Social.

Trump said the agreement was reached through Secretary of State Marco Rubio, Secretary of War Pete Hegseth, Venezuelan interim President Delcy Rodriguez, and private business "at no cost to the American Taxpayer."

"This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans, long into the future," Trump said.

Venezuela holds the world's largest proven crude oil reserves, which OPEC estimates at roughly 300 billion barrels, though years of underinvestment, sanctions and economic crisis have left production far below the country's historical peak. U.S. sanctions policy toward Venezuela's oil sector has shifted repeatedly in recent years, including tightened restrictions earlier in Trump's second term after Washington accused Caracas of falling short on electoral commitments.

Secretary of State Marco Rubio touted the deal in a post on social media, calling the agreement a "huge win" for both countries. Rubio said it would secure "stable reserves and low-cost oil" in the Western Hemisphere while lowering U.S. gas prices.

According to Rubio, the deal would also bring nearly $100 billion in private investment to Venezuela, support thousands of high-paying jobs, and help rebuild the country's economy.

Rodriguez said the agreement "will allow for a significant increase in oil production with the participation of private operators." She said it calls for the development of 17 strategic fields with "a proven potential of 65 billion barrels of oil" and more than $100 billion in investment.

"These investments will contribute not only to the recovery and modernization of our industry but also to our country's economic growth, the energy security of our hemisphere and greater balance in international markets," Rodriguez said.

Any boost in Venezuelan output would add supply to a global oil market that OPEC+ producers, including Saudi Arabia and Russia, have sought to manage through coordinated production targets. The scale and pace of the announced development, as well as which private firms would participate, remain to be detailed.

The White House did not immediately respond to FOX Business' request for comment.