United States President Donald Trump announced that a new energy agreement had been reached with Venezuela, through which, he said, US oil reserves and supplies would increase, helping to lower fuel prices.
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According to Trump, the agreement gives the US control of the majority of Venezuela’s more than 65 billion barrels of proven oil reserves, at no cost to American taxpayers.
“This historic transaction more than doubles America’s oil reserves, greatly increases our oil supply and will significantly lower gas prices for all Americans,” the US president wrote on social media.
Negotiations on the agreement were conducted by US Secretary of State Marco Rubio and Secretary of War Pete Hegseth, in cooperation with Venezuela’s interim president, Delcy Rodríguez, as well as private companies.
A White House official said the agreement gives the United States 55% of the actual production of a new private joint venture. In terms of reserves, the enterprise is expected to rank among the largest private oil companies in the world.
With Washington’s support, Rodríguez has granted private companies concessions of up to 100 years to exploit oil fields.
The US official said the extracted oil would be used to strengthen the US strategic reserves and meet the country’s energy needs.
Marco Rubio described the agreement as a “major victory” for the United States and Venezuela.
“For the Venezuelan people, this agreement will bring nearly $100 billion in private investment, support thousands of high-paying jobs and help drive the rebuilding of Venezuela’s economy,” Rubio said.
Delcy Rodríguez also gave a positive assessment of the agreement. She said Venezuela aims to strengthen its role as an energy-producing power and use its vast oil reserves for the country’s economic development.
The announcement came as the average price of gasoline in the United States had surpassed $4 per gallon and US strategic reserves were at very low levels.
Venezuela has the world’s largest proven oil reserves, making it a strategic partner for the Trump administration, which aims to increase supply and reduce energy costs.
