President Donald Trump announced a major oil agreement with Venezuela on Friday, saying the U.S. has secured majority control of more than 65 billion barrels of the country’s proven oil reserves.

“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 Truth Social.

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A Venezuelan flag and oil tanker in Maracaibo, Venezuela. On Friday, U.S. President Donald Trump announced a major oil agreement with Venezuela. (Jose Isaac Bula/Anadolu via Getty Images)

Trump said the agreement was reached through Secretary of State Marco Rubio, Secretary of War Pete Hegseth, Venezuela’s interim president Delcy Rodriguez and private business “at no cost to the American Taxpayer.”

“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,” Trump said.

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The White House did not immediately respond to FOX Business’ request for comment.

This is a developing story; check back later for updates.