President Donald Trump announced on Friday night what he described as "the biggest oil deal in world history," saying the United States has secured majority control of over 65 million barrels of proven oil reserves in Venezuela at no cost to American taxpayers. The announcement comes as the Trump administration concludes negotiations with Venezuela’s interim government, aiming to boost U.S. energy supplies and address rising gas prices ahead of upcoming midterm elections.

According to Axios, the talks involve more than a dozen productive oil fields, with the potential to more than double U.S. oil reserves by tapping into Venezuela’s extensive resources. The agreement is expected to guarantee a steady supply of Venezuelan crude for U.S. refineries, with American companies set to develop and operate the fields. Secretary of State Marco Rubio and Venezuela's acting president, Delcy Rodriguez, have reportedly led the negotiations.

Sources told Reuters that the deal may take the form of a lease, with further auctions or tenders to allocate each field among U.S. producers. A list of 17 fields under negotiation includes new sites in the Orinoco Belt and mature areas in Lake Maracaibo. Challenges remain, as Venezuela’s current laws limit foreign ownership and may require legal changes for the deal to proceed.

The Trump administration has issued temporary sanctions relief to allow U.S. companies to do business in the Venezuelan oil sector, following the capture of former Venezuelan leader Nicolás Maduro by U.S. forces earlier this year. Since then, the U.S. has managed Venezuelan oil sales, with President Trump stating in July that the U.S. has already collected more than $13 billion from these sales, according to The Independent.

Secretary Rubio said oil sales are being audited by KPMG, with revenue held in a Citibank account. The deal, if finalized, could help refill the Strategic Petroleum Reserve, which currently stands at about 41 percent of its capacity, after recent drawdowns. Energy Secretary Chris Wright plans to travel to Venezuela next week to discuss increasing production by U.S. firms.

While the final details and timeline for the agreement remain uncertain, the Trump administration is positioning the deal as a major step toward energy security and lower fuel prices for Americans.