Trump hails 'historic' deal for US to control 65bn barrels of Venezuela's oil

The US has reached a deal with Venezuela to control more than 65 billion barrels of its proven oil reserves, President Donald Trump announced.

"This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans," Trump posted on social media.

Venezuela's interim President, Delcy Rodriguez, hailed the agreement as one that would help her nation's economic revival.

Trump vowed to tap Venezuela's reserves, the world's largest, after the US captured its then-President Nicolás Maduro this year. More recently, Trump has been under pressure to tame domestic petrol prices, which spiked amid the Iran conflict.

Secretary of State Marco Rubio called the oil deal "a huge win for both the American and Venezuelan people". Few details were released.

"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 on social media.

In his own post, Trump said Rubio and Defence Secretary Pete Hegseth had reached the agreement with Venezuela's leadership "through a partnership with private business".

He did not elaborate on the partnership or describe possible commitments and terms for the US in the deal, but he claimed the agreement was reached "at no cost to the American Taxpayer".