President Donald Trump said Friday the U.S. would take majority control of more than 65 billion barrels of oil reserves in Venezuela.
In a social media post, the president claimed administration officials were working with Venezuelan leadership.
"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."
Further details from the administration were not immediately available. Venezuelan officials did not immediately comment.
It's not clear how readily the oil in question may be extracted, or what private businesses may be involved.
President Trump claimed the agreement would help reduce strain on U.S. domestic oil reserves and lower gas prices.
The U.S. Strategic Petroleum Reserve currently stands at more than 289 million barrels of oil, down from more than 413 million barrels at the beginning of the year. According to the Energy Information Administration, the U.S. consumes a little more than 20 million barrels of oil per day.
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The administration has tapped the stockpile in the SPR in an effort to keep gas prices low as the war in Iran continues and energy shipments the Strait of Hormuz remain cut off.
A deal to reopen the strait has stalled in recent weeks.
Defense Secretary Pete Hegseth said earlier in August the U.S. can hold the Strait of Hormuz "indefinitely."
