Aug. 28 (UPI) -- President Donald Trump on Friday said his administration had reached a deal with Venezuela to secure a stake in more than 65 billion barrels of the country's oil reserves.
In an evening social media post, Trump called the move "the biggest oil deal in world history," and said it would come at no cost to American taxpayers.
"This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans, long into the future, while helping to continue to set Venezuela on a course toward Tremendous Success and Great Prosperity," the president wrote on Truth Social.
Trump has been eyeing oil reserves in Venezuela since he ordered the military in January to seize former President Nicolas Maduro.
The president said his administration and Venezuela's interim president, Delcy Rodriguez, reached the deal in a partnership with private businesses.
Inventory of the United States' strategic oil reserve hit a four-decade low this month, following supply disruption caused by the war with Iran, CNBC reported.
Venezuela has the world's largest proven crude oil reserves.
The United States could take over as many as 17 oil fields in the South American country, though many lack any infrastructure and could cost billions to develop, the Washington Post reported.
"I think oil companies in the end will be pretty hesitant," Francisco Monaldi, director of the Latin American Energy Program at Rice University, told the newspaper.
State Secretary Marco Rubio, who was involved in the negotiations, said the deal would bring $100 billion in private investment to Venezuela.
"This deal is a huge win for both the American and Venezuelan people," Rubio said in a statement on X. "It demonstrates how President Trump's bold foreign policy is driving America First wins: securing stable reserves and low-cost oil in our Hemisphere and lowering gas prices here at home."