US President Donald Trump has announced that the United States has secured majority control of more than 65 billion barrels of proven oil reserves in Venezuela through a partnership with private businesses.

Trump said the agreement was reached with Venezuela’s interim President, Delcy Rodriguez, following negotiations involving US Secretary of State Marco Rubio, Secretary of War Pete Hegseth and private businesses.

He described the agreement as the “biggest oil deal in world history”, saying it would more than double US oil reserves, increase oil supplies and help lower fuel prices for Americans.

US and Venezuelan officials said the deal was expected to bring nearly $100 billion in private investment into Venezuela.

The agreement would give US companies long-term access to a group of Venezuelan oilfields, with the resulting crude expected to increase supplies to the United States.

Venezuela holds the world’s largest proven oil reserves, but its petroleum industry has suffered years of underinvestment and declining production.

Trump said the agreement would help revive Venezuela’s oil industry while strengthening US energy supplies.

The announcement comes after weeks of negotiations between Washington and Caracas over the future of Venezuela’s oil sector.