President Donald Trump announced on Friday that the United States has finalized an agreement with Venezuela, granting it majority control over an estimated 65 billion barrels of oil reserves. This development occurs at a time of significant global crude oil market disruption due to the ongoing conflict with Iran.

In a social media post, Trump characterized the accord as the most significant oil transaction in history, emphasizing that it will not incur any costs for U.S. taxpayers. He stated that this agreement more than doubles the nation's oil reserves.

This influx of reserves comes as data from the Department of Energy indicated that the Strategic Petroleum Reserve had fallen to levels not seen since the 1980s. The deal follows a U.S. operation in January that led to the capture of Venezuela's then-president, Nicolás Maduro, and his wife, Cilia Flores.

Trump further commented that the transaction is expected to substantially enhance the relationship between Venezuela and the United States.

Trump Announces Deal with Venezuela to Secure Over 65 Billion Barrels of Oil Reserves

President Donald Trump revealed on Friday that the U.S. has reached an agreement with Venezuela to gain majority control of more than 65 billion barrels of oil reserves. This deal comes as the global crude oil trade is being impacted by the war with Iran.

In an evening social media post, Trump described the agreement as the largest oil deal in world history and stated that it comes "at no cost to" U.S. taxpayers. He indicated that the agreement effectively doubles the U.S. oil reserve.

This announcement follows recent data from the Department of Energy showing that the Strategic Petroleum Reserve had reached lows not observed since the 1980s. The agreement with Venezuela is a direct consequence of the U.S.'s January operation, which resulted in the capture of Venezuela's then-president, Nicolás Maduro, and his wife, Cilia Flores.

Trump also noted in his post that this transaction will significantly strengthen the "already growing relationship between Venezuela and the United States."