The United States has entered into an agreement with Venezuela that will give American interests majority control over more than 65 billion barrels of proven oil reserves, according to President Donald Trump.

In a post on Truth Social, Trump, calling it “THE BIGGEST OIL DEAL IN WORLD HISTORY,” said the agreement was negotiated at his direction by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth working with the acting president of Venezuela, Delcy Rodríguez, and private-sector partners. He said the arrangement came “at no cost to the American Taxpayer,” would more than double U.S. oil reserves, and would “substantially lower” gas prices for Americans.

Trump added that the transaction would help set Venezuela “on a course toward Tremendous Success and Great Prosperity” and strengthen ties between the two countries.

Rodríguez confirmed the agreement hours later in a statement on X, describing it as “a historic milestone in bilateral relations” and thanking Trump and Rubio by name for their willingness to pursue it.

Her government said the deal covers the development of 17 strategic fields that could attract more than $100 billion in investment into Venezuela’s oil industry, and is projected to generate over $209 billion in tax revenue for the Venezuelan treasury.

The investments, she said, would contribute “not only to the recovery and modernization of our industry, but also to the economic growth of our country, to the energy security of our hemisphere, and to greater balance in international markets.”

The two governments formally restored diplomatic ties in March after a seven-year rupture, following the capture of the country’s strongman Nicolas Maduro by U.S. forces in January.

Rubio called the agreement “a huge win for both the American and Venezuelan people” in a posting on X.

“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. He said the deal “support thousands of high-paying jobs, and drive the reconstruction of Venezuela’s economy.”

The Associated Press, citing an anonymous U.S. official, reported that the agreement pairs the U.S. with an unnamed private operator in Venezuela to form a new company that will hold the reserves. That official said Rodríguez granted the new entity 100-year development rights, and that the U.S. side receives an ownership stake plus the right to buy oil at cost, amounting to 55% of effective output.

The Axios news site reported Thursday that talks involved more than a dozen productive fields previously controlled by Venezuelan insiders — some under indictment — as well as by Chinese-linked interests. Two U.S. officials told Axios the administration is working to demonstrate that Venezuelans would benefit, anticipating criticism that Rodríguez was handing over the country’s resources.

The sharpest criticism of the deal came from Venezuelan opposition figures, who argue that a caretaker administration installed after a foreign military operation has no standing to sign away a century of oil rights.

Ricardo Hausmann, a Harvard economist and former Venezuelan planning minister now in exile, wrote on X that an interim government operating under what he called an illegitimate hydrocarbons law had no authority to strike an “unconstitutional deal,” and predicted it would end as “a fiasco for all involved.”

The deal’s announcement comes as questions about the economy have become a major issue ahead of the midterm U.S. elections in November. Whether the deal delivers relief at the pump anytime soon is another matter. Energy analysts have consistently cautioned that raising Venezuelan output meaningfully will take years and billions of dollars in repairs to degraded infrastructure.

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