Venezuelan interim President Delcy Rodriguez is celebrating a sweeping oil agreement with the United States that could reshape energy markets across the Western Hemisphere.
The 25-year arrangement announced by President Donald Trump targets massive production gains while opening Venezuela to American capital, expertise and technology.
Rodriguez called the agreement “historic” during an address on Venezuelan state broadcaster VTV.
She said the project initially aims to produce more than 1.5 million barrels of crude oil per day through the development of 17 strategic oilfields.
The production figure applies only to the bilateral arrangement with Washington, leaving room for even broader expansion elsewhere in Venezuela.
“That figure relates solely to the bilateral agreement between Venezuela and the United States,” Rodriguez said.
Rodriguez predicted the agreement could generate more than $200 billion in revenue for Venezuela over its lifespan.
She also indicated that the initial production target is only the opening phase of a much larger effort involving eight greenfield oil blocks.
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Trump announced the deal Friday on Truth Social, describing it as the “biggest oil deal in world history.”
The president said the United States secured majority control of more than 65 billion barrels from Venezuela’s proven reserves, which are considered the largest on the planet.
“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.
The declaration marks another aggressive move by the administration to expand American energy security instead of surrendering leverage to hostile producers.
Trump said the agreement will dramatically increase the amount of oil available to the United States.
“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,” he said.
The agreement was negotiated through Secretary of State Marco Rubio, Secretary of War Pete Hegseth, Rodriguez and participating private businesses.
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Trump emphasized that the arrangement was reached “at no cost to the American Taxpayer,” a welcome distinction in a town famous for treating public money like confetti.
The deal potentially gives American companies access to enormous reserves that have remained hampered by sanctions, political dysfunction and years of economic mismanagement.
American technology and operational knowledge could help restore production capacity while giving consumers a stronger supply cushion against global disruptions.
Rubio described the agreement as a “huge win” for both nations.
He said it would provide stable reserves and affordable oil within the Western Hemisphere, strengthening regional energy security while helping push gasoline prices lower for American families.
The secretary of state also said the project could bring nearly $100 billion in private investment into Venezuela.
That capital is expected to support thousands of high paying jobs while helping rebuild an oil industry battered by sanctions and years of socialist decay.
Rodriguez insisted that Venezuela would retain “ownership of and sovereignty” over its natural resources.
She said the country would proceed “while leveraging capital, technology and operational expertise to support the recovery of a strategic industry that has been severely affected by sanctions.”
Oil industry figures quickly praised the agreement and its potential effect on consumers.
Veteran oil trader Phil Flynn said American technology could transform Venezuela’s struggling petroleum sector and produce lower energy prices for years, rather than delivering the usual temporary political promise.
“I think this is a win. It’s a generational win for Americans because it is [going to] lead to a generation of low prices,” Flynn told Kayleigh McEnany during an appearance on “Fox & Friends Weekend.”
For Trump, the agreement fits squarely within his drive to turn the United States into the dominant energy power in the world.
Greater access to Venezuelan crude could provide leverage against foreign adversaries, reduce exposure to unstable suppliers and blunt future attempts to manipulate global prices.
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The scale of the proposed partnership also sends a blunt message to Washington’s professional skeptics.
While critics habitually predict disaster whenever Trump pursues a bold negotiation, this deal promises larger reserves, new investment and lower costs without sticking American taxpayers with the bill.