Donald Trump, the President of the United States, announced on Truth Social that the United States has reached an agreement with Venezuela, which he called “the biggest oil deal in the history of the world.”

Trump said that under this agreement, and with the involvement of the private sector, the United States will take control of the majority of more than 65 billion barrels of Venezuela’s proven oil reserves without imposing costs on American taxpayers.

He added that Marco Rubio, the U.S. Secretary of State, and Pete Hegseth, the U.S. Secretary of War, played a role in reaching this agreement in cooperation with Delcy Rodríguez, the interim president of Venezuela.

Trump said this deal increases America’s oil reserves by more than two times, raises oil supply by a significant amount, and in the long term will help reduce the price of gasoline for Americans.