In an unprecedented move in modern oil history, the United States is preparing to acquire majority control of a huge portion of Venezuela’s oil reserves, securing access to approximately 65 billion barrels of proven reserves and creating, according to U.S. officials, the world’s second-largest corporate pool of oil reserves after Saudi Aramco.

Donald Trump announced the deal via Truth Social, presenting it as a move that will strengthen U.S. energy security for decades to come. The agreement was developed in cooperation with Venezuela’s interim president, Delcy Rodríguez, and private business interests.

Trump wrote on social media:

According to a U.S. official, the United States will control 55% of the actual production of the new joint venture, while also having the ability to purchase the oil at cost.

This is one of Washington’s most aggressive interventions in the economy of a Latin American country in decades and forms part of Trump’s effort to strengthen U.S. influence in the Western Hemisphere while simultaneously limiting China’s presence in the region.