President Donald Trump announced a new agreement Friday that he says will give the United States majority control of more than 65 billion barrels of proven oil reserves in Venezuela.
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On Sunday morning, Trump posted on Truth Social that he plans to use Venezuelan oil to replenish the Strategic Petroleum Reserve, calling it a “gift from Venezuela.”
Trump described the agreement as the biggest oil deal in the world in a post on Truth Social.
Under the plan, a new company would hold concessions for 100 years. The United States would receive 55% of the oil produced through its ownership stake and oil purchased at cost, according to Trump.
The president said the agreement could increase the global oil supply and, over the long term, help lower gas prices in the United States.
Secretary of State Marco Rubio called the agreement a major win for Americans and Venezuelans. He said it could bring nearly $100 billion in private investment to Venezuela.
Interim Venezuelan leader Delcy Rodríguez also praised the agreement in a post on X, calling it a new era of recovery, growth, production, security and prosperity.
But some U.S. lawmakers are raising concerns about the deal, particularly its long-term commitment to Venezuela.
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Rep. María Elvira Salazar said she supports the agreement but questioned whether Rodríguez is the right person to make such a deal with.
Salazar also warned that a 100-year commitment would require strong democratic institutions, the rule of law and free elections.
The agreement is also drawing attention in South Florida, home to a large Venezuelan community.
During an appearance in Doral on Friday, Byron Donalds, the Republican candidate running for Florida governor, said he was in support of the deal.
Analyst Salim Daher said the agreement could give the United States a closer and more stable source of oil while bringing investment and jobs to Venezuela.
Critics of the agreement say the United States should prioritize restoring democracy in Venezuela before making a long-term commitment involving the country’s oil industry.
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