President Donald Trump announced a major Oil agreement with Venezuela on Friday, claiming 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.
According to FOX Business, Trump said the agreement was negotiated with the involvement of Secretary of State Marco Rubio, Secretary of War Pete Hegseth, Venezuela's interim president Delcy Rodriguez and private businesses.
He said the arrangement came "at no cost to the American Taxpayer."
Trump also argued the deal could have a significant effect on the U.S. energy supply, saying it would more than double American Oil reserves while increasing available supplies.
"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.
Rubio also promoted the agreement on social media, calling it a "huge win" for both countries.
According to Rubio, the deal would provide the Western Hemisphere with "stable reserves and low-cost Oil" while helping reduce gasoline prices for Americans.
The secretary of state also said the agreement could bring nearly $100 billion in private investment to Venezuela.
Rubio said that investment would help create thousands of high-paying jobs and contribute to rebuilding Venezuela's economy.
The announcement represents a major economic agreement between Washington and Caracas, with the administration highlighting the potential impact on energy supplies and investment.
Trump has made expanding U.S. energy production and increasing access to Oil a central part of his economic agenda.
The Venezuela agreement, as described by the administration, would give American interests a significant role in the country's enormous petroleum reserves.
The administration's announcement did not provide additional details on the agreement's structure, including how control of the reserves would be divided or how the reported investment would be carried out.
The announcement was still developing Friday, with additional details expected as officials provide more information about the agreement and its implementation.