Trump announces ‘biggest oil deal in world history,’ says it will substantially lower gas prices

President Donald Trump announced a major oil agreement with Venezuela 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.

Trump said the agreement was reached through Secretary of State Marco Rubio, Secretary of War Pete Hegseth, Venezuelan interim President Delcy Rodriguez and private business "at no cost to the American Taxpayer."

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"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.

Secretary of State Marco Rubio touted the deal in a post on social media.

Rubio called the agreement a "huge win" for both countries, saying it would secure "stable reserves and low-cost oil" in the Western Hemisphere while lowering U.S. gas prices. 

He said the deal would also bring nearly $100 billion in private investment to Venezuela, support thousands of high-paying jobs and help rebuild the country's economy.

Rodriguez said the agreement "will allow for a significant increase in oil production with the participation of private operators." 

She said it calls for the development of 17 strategic fields with "a proven potential of 65 billion barrels of oil" and more than $100 billion in investment.

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"These investments will contribute not only to the recovery and modernization of our industry but also to our country’s economic growth, the energy security of our hemisphere and greater balance in international markets," Rodriguez said.

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