Trump Celebrates Historic $65 Billion Oil Deal with Venezuela, Doubling U.S. Reserves

DONALD Trump has hailed the “biggest oil deal in history” with Venezuela which has secured the US 65 billion barrels of oil.

The landmark agreement will slash gas prices for ordinary Americans and double Washington’s reserves, the US president declared.

Trump credited Secretary of State Marco Rubio and Secretary of War Pete Hegseth for getting the deal with Venezuela’s temporary president Delcy Rodriguez over the line.

He said on Truth Social: “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, while helping to continue to set Venezuela on a course toward Tremendous Success and Great Prosperity,’ the president said on Truth Social on Friday.

Trump also promised the agreement will come at “no cost to the American taxpayer”.

The US president added: “This Transaction will greatly strengthen the already growing relationship between Venezuela and the United States!’ he added.

Private businesses, including American oil firms, helped shape the deal, Axios reported.

The agreement comes eight months after deposed dictator Nicolas Maduro was captured by US forces in January.

Commandos swooped on the former Venezuelan president’s compound at night and pinched him from security forces.

He is now in a New York jail awaiting trial.

The US will partner with an unnamed private operator in Venezuela to take hold of the reserves, an official familiar with the deal told The Daily Mail.

The source also said Rodriguez gave them 100-year rights to develop oil fields.

The plan gives the US 55 per cent effective output of the new private company – including an ownership stake and rights to buy oil at cost.

President Trump has openly described Maduro’s capture as part of an attempt to get closer to Venezuela’s oil reserves.

The deal includes 17 fields and potentially 65 billion barrels of oil.

Rubio hailed the deal as a “huge win for both the American and Venezuelan people”.

He said: “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.”

It comes as pressure continues to mount on Trump – with the US facing soaring gas prices following the Iran war.

Trump has repeatedly floated the idea of tapping into Venezuela’s oil reserves since the capture of Maduro.

The South American nation has one of the largest oil reserves in the world – with an estimated 303 billion barrels of crude oil beneath the ground.

This accounts for 17 per cent of the global supply, analysts say.