President Donald Trump announced on Friday that the U.S. had entered into an agreement with Venezuela to take control of the country’s 65 billion barrels of oil reserves.

“BREAKING NEWS: The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY! At my direction, Secretary of State Marco Rubio, and Secretary of War Pete Hegseth, working closely with Highly Respected Interim President of Venezuela, Delcy Rodriguez, and, through a partnership with private business, have secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer,” Trump wrote on Truth Social.

Trump added that the transaction “MORE THAN DOUBLES American Oil Reserves.”

In January, the U.S. military carried out an operation to capture Venezuela’s President Nicolás Maduro to face federal narcoterrorism and drug trafficking charges in the U.S.

Trump is facing increasing pressure as midterms elections loom and gas prices have spiked because of the war with Iran, which was started by the U.S. and Israel six months ago on Feb. 28.

Secretary of State Marco Rubio touted the deal as a “huge win” for both the U.S. and Venezuela in a post on X.

“It demonstrates how President Trump’s bold foreign policy is driving America First wins: securing stable reserves and low-cost oil in our Hemisphere and lowering gas prices here at home,” he wrote. “For the Venezuelan people, this deal will bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela’s economy.”

Venezuela has one of the largest oil reserves in the world, with an estimated 303 billion barrels of crude oil in the ground. That’s about 17% of the world’s supply, according to the U.S. Energy Information Administration. Unlike other parts of the world, where geologists have to search for untapped oil, the reserves under Venezuela’s soil are largely mapped and known, experts say. But because of dilapidated infrastructure, the country only produces about 1% of the world’s oil.