Trump Calls Venezuela Oil Agreement the 'Biggest Oil Deal in World History'

Announcing an oil agreement between the US and Venezuela, President Donald Trump is calling the deal "the biggest oil deal in world history."

Trump on Truth Social: On his platform Truth Social, Trump said the oil agreement will "more than double" American oil reserves, boost oil supply and lower prices at the gas pump. The agreement, he said, means the US will have majority control of more than 65 billion barrels of proven oil reserves in Venezuela at "no cost" to American taxpayers.

"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. He added that, at his direction, Secretary of State Marco Rubio and Secretary of War Pete Hegseth worked closely with Venezuelan interim President Delcy Rodriguez and private businesses to secure majority US control of the reserves.

Venezuela's Response: According to multiple media reports, Venezuela's interim President Delcy Rodríguez welcomed the agreement, saying it could help revive the country's oil industry and generate more than $209 billion in tax revenue. The agreement involves developing 17 oil fields with a proven potential of 65 billion barrels, according to the Venezuelan government. Posting on X, Rubio said "this deal will bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela's economy."

The Bigger Picture: Trump's announcement comes after weeks of negotiations over an agreement that would give a US-backed private venture long-term access to Venezuelan oil fields. Reuters (Center) reported that the deal would give the US majority control of the reserves through a new venture, while Axios (Lean Left) reported that the arrangement would involve US equity and access to oil at cost.

Right Coverage: Fox Business (Lean Right) presented the agreement in a largely positive tone, emphasizing Trump and Rubio's claims that it will increase US oil supplies, lower gas prices and bring major investment to Venezuela. The report appeared to give little attention to potential questions or criticism surrounding the agreement.

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