US President Donald Trump said on Friday the US had reached a deal to take control of part of  Venezuela's vast oil reserves.

He said the deal was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Venezuelan interim President Delcy Rodriguez.

"The United States of America has just entered into an agreement with the country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!" Trump wrote on his Truth Social platform.

He added that it would be "at no cost to the American taxpayer."

Rodruiguez welcomed the "historic" deal that would "have a significant impact on the rebirth of our nation."

She said it would bring in $100 billion (€86.3 billion) in private investment and generate more than $209 billion in tax revenue for the treasury.

What do we know about the deal?

Few details were clarified in Trump's initial announcement, but the deal promises to eventually more than double US oil stocks at a time when the strategic petroleum reserve is at a 40-year low.

Trump said the deal would cover 65 billion barrels worth of oil — a little over a fifth of the country's proven reserves.

Reuters news agency reported that one model under consideration would see Venezuelan oil fields leased to US producers.

American news website Axios, meanwhile, reported that the deal was a kind of "public-private partnership" between both governments and US oil companies.

Rubio said the deal would secure "stable reserves and low-cost oil" for the US while also driving "the reconstruction of Venezuela's economy."

"This deal is a huge win for both the American and Venezuelan people," he said.

The world's largest oil reserves

The deal comes nearly nine months after US forces deposed and kidnapped Venezuelan leader Nicolas Maduro. He is now detained in New York City, where he faces federal narcoterrorism and drug trafficking charges.

Since then, and under intense pressure, Rodriguez has moved to open up Venezuela's oil sector to American investment.

Venezuela has the world's largest proven oil reserves totaling 303 billion barrels. But production has long lagged behind other major oil producing countries due to chronic mismanagement, decaying infrastructure and sanctions.

Edited by: Sean Sinico

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