The United States is set to gain a controlling stake in the development of approximately 65 billion barrels of Venezuelan oil reserves under a newly announced agreement that President Donald Trump has described as the largest oil deal in modern history. In a statement posted on social media, Trump said the arrangement was reached following discussions involving U.S. Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and Venezuela’s acting president Delcy Rodríguez.

According to Venezuelan officials, the agreement covers the development of 17 oil fields and could attract more than $100 billion in private investment. The project is also expected to generate over $209 billion in tax revenue for Venezuela over time. Authorities in Caracas say the deal could play a major role in reviving the country’s struggling oil sector and broader economy.

Under the framework, a new company will reportedly be established through a partnership between U.S. interests and a private Venezuelan operator. The venture would oversee exploration, production, and long-term development rights across the designated oil fields. U.S.-linked stakeholders are expected to hold an effective 55% interest in total production through ownership rights and crude oil purchase arrangements tied to operational costs.

The announcement comes as Washington faces growing pressure to stabilize domestic energy prices. Analysts say increased Venezuelan oil output could eventually strengthen U.S. energy security and help replenish strategic petroleum reserves that have declined in recent months. The deal also arrives amid ongoing concerns over global oil supplies linked to tensions in the Middle East and disruptions affecting key shipping routes.

Despite the ambitious projections, energy experts caution that major infrastructure upgrades and investment commitments will be required before production can significantly increase. As a result, the full economic and strategic benefits of the agreement may take years to materialize.