Washington (United States) (AFP) – President Donald Trump said Friday his administration has reached a huge oil deal with Venezuela that gives the United States majority control of 65 billion barrels of proven petroleum reserves.

The deal – which Trump proclaimed as “the biggest oil deal in world history” – will bring nearly $100 billion in private investment to Venezuela, US and Venezuelan officials said.

Venezuela has the world’s largest proven oil reserves. Its government has operated under intense pressure and close scrutiny from the Trump administration since the US ousted and captured long time ruler Nicolas Maduro in January.

Washington allowed his vice president, Delcy Rodriguez, to stay on and serve as interim leader so long as she toes the US line.

Trump has made no secret of his desire to secure Venezuelan oil for the US, and in his post announcing the deal on his Truth Social platform, he said it will more than double US oil reserves.

Interim leader Rodriguez confirmed what she called a “historic agreement” that would “have a significant impact on the rebirth of our nation.”

Writing on social media, she hailed potential investment of “more than $100 billion and more than $209 billion in tax revenue for the State.”

Trump said Secretary of State Marco Rubio and Defense Secretary Pete Hegseth had reached the deal with Rodriguez “through a partnership with private business.”

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

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