• Trump announces the US has secured control over 65 billion barrels of Venezuelan oil.
• The deal is said to more than double US oil reserves, impacting gas prices.
• The agreement follows the removal of Nicolás Maduro and aims to boost Venezuelan economy.

President Donald Trump has declared that the United States has reached a historic agreement with Venezuela, allowing it to control over 65 billion barrels of proven oil reserves. This deal, announced via Trump’s social media, aims to increase U.S. oil supply and reiterates the administration's goal of stabilizing crude production from Venezuela following the military ousting of Nicolás Maduro earlier this year, according to Channel News Asia and Reuters.

The arrangement is reportedly influenced by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, who worked closely with Venezuela's interim leader, Delcy Rodriguez. Trump characterized the deal as "THE BIGGEST OIL DEAL IN WORLD HISTORY," emphasizing that it would double U.S. reserves at no cost to American taxpayers and has been hailed by both U.S. officials and Trump as beneficial for both nations, according to India Times and CBS News.

Despite Venezuela's significant oil reserves, the country has faced challenges in production due to deteriorating infrastructure, currently outputting about 1.25 million barrels per day. The agreement is positioned to revitalize the oil sector while potentially reducing gas prices in the U.S., addressing rising domestic fuel costs, as noted by South China Morning Post and BBC.

Details about the specifics of the oil fields involved and the operational management have yet to be disclosed. Nevertheless, Secretary Rubio expressed optimism, suggesting that the deal could attract nearly $100 billion in private investment and support thousands of jobs, presenting a hopeful future for Venezuela’s economy, according to CBS News and BBC.