Trump says Venezuela oil deal will lower US gas prices for years

Venezuelan interim President Delcy Rodriguez on Saturday touted a “historic” oil agreement with the United States announced by President Donald Trump.

Speaking during an evening address, Rodriguez celebrated the agreement, saying it would help revive Venezuela’s economy. She said the deal would remain in effect for 25 years and initially target crude production of more than 1.5 million barrels per day while preserving the South American country’s sovereignty over its natural resources.

“This 25-year bilateral project envisages the development of 17 strategic oilfields with a production target of more than 1.5 million barrels per day,” Rodriguez said on state broadcaster VTV.

“That figure relates solely to the bilateral agreement between Venezuela and the United States,” she added.

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President Donald Trump announced what he called the “biggest oil deal in world history” between the United States and Venezuela, saying the agreement would increase U.S. oil supplies and lower gas prices. (Al Drago/The Washington Post/Bloomberg via Getty Images / Getty Images)

Rodriguez’s comments came after Trump announced the agreement on Truth Social on Friday, saying the U.S. had secured majority control of more than 65 billion barrels of Venezuela’s proven oil reserves, which are the largest in the world.

“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 agreement was reached through Secretary of State Marco Rubio, Secretary of War Pete Hegseth, Rodriguez and private businesses “at no cost to the American Taxpayer,” Trump said.

“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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A Venezuelan flag waves in front of oil tanker on lake in Maracaibo, Venezuela on July 27, 2026. (Jose Isaac Bula/Anadolu via Getty Images / Getty Images)

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 added that 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 production target was only an initial goal, with broader plans to develop eight greenfield oil blocks as part of a wider energy expansion.

On Saturday, the interim president predicted that the agreement could generate more than $200 billion in revenue for Venezuela.

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Venezuelan interim President Delcy Rodriguez said the 25-year oil agreement with the United States initially targets production of more than 1.5 million barrels per day. (Juan Barreto/AFP via Getty Images / Getty Images)

She also said her country retained “ownership of and sovereignty” over its natural resources, “while leveraging capital, technology and operational expertise to support the recovery of a strategic industry that has been severely affected by sanctions.”

The deal was met with praise from some members of the oil industry, including oil trader Phil Flynn.

Speaking on “Fox & Friends Weekend,” Flynn praised the agreement, arguing it could lower prices for years and that U.S. technology could transform Venezuela’s oil industry.

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“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 host Kayleigh McEnany.

FOX Business’ Jasmine Baehr and Reuters contributed to this report.