US President Donald Trump announced that Americans have secured majority control over more than 65 billion barrels of Venezuela’s proven oil reserves through private-sector partnerships. He said the arrangement could help US companies revive the OPEC member’s troubled energy industry while ensuring a new crude oil source for the US domestic market and potentially reducing fuel prices.

Trump provided no further details of the agreement. In a Truth Social post, he said Secretary of State Marco Rubio and Defense Secretary Pete Hegseth had worked closely with Venezuela’s interim president, Delcy Rodriguez, under his direction. Trump said the arrangement required no spending by US taxpayers.

The announcement followed weeks of bilateral talks on granting US companies long-term access to specified Venezuelan oilfields and supplying the produced crude to the United States. Venezuelan officials are preparing to sign agreements next week allowing several US companies to conduct new oil exploration and production. Venezuela’s government welcomed the deal, saying it would increase the economy and public revenue. Despite holding the world’s largest oil resources, Venezuela currently produces only 1.25 million barrels daily because of prolonged underinvestment, mismanagement and US sanctions.