US President Donald Trump has announced that the United States has secured majority control of Venezuela’s proven oil reserves under a new deal he described as “the biggest oil deal in world history.”

Trump said the agreement covers 65 billion barrels of proven petroleum reserves and is expected to attract nearly $100 billion in private investment to Venezuela.

The US president disclosed this on Friday in a post on his Truth Social platform, saying the deal would more than double America’s oil reserves.

“This Transaction will greatly strengthen the already growing relationship between Venezuela and the United States!” Trump said.

According to Trump, US Secretary of State Marco Rubio and Defence Secretary Pete Hegseth negotiated the agreement with Venezuela’s interim leader, Delcy Rodriguez, through a partnership with private businesses.

Rodriguez confirmed the agreement, describing it as a “historic agreement” that would have a significant impact on the reconstruction of Venezuela.

She said the deal could attract more than $100 billion in investment and generate over $209 billion in tax revenue for the Venezuelan state.

Rubio also defended the agreement, saying it was evidence that Trump’s foreign policy was delivering what he described as “America First” gains.

“For the Venezuelan people, this deal will bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela’s economy,” Rubio said.

However, questions remain over how the United States would acquire control of the oil assets.

Jorge Pinon, a senior researcher at the Energy Institute at the University of Texas at Austin, said the agreement was unconventional, particularly because the assets would effectively be transferred to another country rather than a private company.

“We don’t know how the transfer would take place,” he said. “Is it a sale? Is it a title transfer? Is it only transferred once the reserves are actually produced?”

Venezuela holds the world’s largest proven oil reserves, estimated at about 300 billion barrels.

The deal comes after the Trump administration intensified efforts to secure US investment and control over Venezuela’s oil industry following the ousting and capture of long-time Venezuelan leader Nicolas Maduro in January.

US oil companies have remained cautious about investing heavily in Venezuela because of deteriorating infrastructure and concerns over the security of foreign investments.

Chevron, the only US oil company still operating in Venezuela when Maduro was ousted, said in July that it had increased its crude production to 280,000 barrels per day and planned to raise output by 50 per cent by the end of 2028.