The United States and Venezuela have agreed terms on a major oil deal that could see Washington take control of more than 65 billion barrels of Venezuela's oil reserves, the country holding the world's largest proven oil reserves. Venezuela's proven reserves — estimated at over 300 billion barrels, ahead of Saudi Arabia — have long been largely untapped amid years of underinvestment, sanctions, and the collapse of its state oil company PDVSA's production capacity.

US President Donald Trump 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."

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, citing concerns over aging infrastructure and political uncertainty both at home and in Venezuela. Venezuela's oil output has fallen from a peak of more than 3 million barrels per day in the late 1990s to well under 1 million barrels per day in recent years, a decline that any recovery plan would need to reverse.

Delcy Rodríguez, Venezuela's acting president, 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."

US Secretary of State Marco Rubio hailed the deal in a post on X 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," Rubio 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," he added.

Washington has kept 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. How the announced terms translate into binding contracts, financing, and actual field development — and whether US and international oil majors commit capital — will shape whether the deal's headline figures are realized.

Source: Euronews via Hellenic Shipping News