President Donald Trump emphasized that the United States can no longer tolerate significant trade deficits with Canada, downplaying fears that the ongoing tariff dispute might raise consumer prices before the upcoming midterm elections.
Venezuelan interim President Delcy Rodriguez praised a newly announced “historic” oil agreement with the United States during a televised address on Saturday, stating it would play a key role in revitalizing Venezuela’s struggling economy.
Rodriguez outlined that the agreement will span 25 years and is designed to ramp up crude oil production to over 1.5 million barrels per day, while safeguarding Venezuela’s sovereignty over its vast natural resources.
“This 25-year bilateral initiative targets the development of 17 strategic oilfields with an initial production goal exceeding 1.5 million barrels per day,” she said on national television.
“It’s important to note that this figure reflects only the scope of the bilateral deal between Venezuela and the United States,” Rodriguez added.
President Trump described the agreement as the “biggest oil deal in world history,” asserting it will boost domestic oil output and reduce gasoline prices for American consumers. (Al Drago/The Washington Post/Bloomberg via Getty Images / Getty Images)
Rodriguez’s remarks followed Trump’s announcement of the deal on Truth Social earlier in the week, where he claimed the U.S. had secured majority control over more than 65 billion barrels of Venezuela’s proven oil reserves—the largest in the world.
“The United States of America has just finalized an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!” Trump wrote.
The agreement was brokered through high-level negotiations involving Secretary of State Marco Rubio, Secretary of War Pete Hegseth, Rodriguez, and private sector partners, according to Trump, who stressed that the arrangement comes at no expense to American taxpayers.
“This Historic Transaction MORE THAN DOUBLES American Oil Reserves, significantly expands our Oil Supply, and will substantially lower Gas Prices for all Americans, for generations to come,” Trump stated.
A Venezuelan flag flies beside an oil tanker on a lake in Maracaibo, Venezuela, on July 27, 2026. (Jose Isaac Bula/Anadolu via Getty Images / Getty Images)
Rubio praised the agreement as a “major victory” for both nations, highlighting that it ensures stable energy reserves and affordable oil supplies across the Western Hemisphere while reducing fuel costs for Americans.
He further noted that the deal is expected to attract approximately $100 billion in private investment to Venezuela, create thousands of well-paying jobs, and contribute to rebuilding the nation’s economy.
Rodriguez indicated that the 1.5 million barrel-per-day target represents an initial phase, with long-term plans to develop eight additional greenfield oil blocks as part of a broader energy expansion strategy.
During her speech on Saturday, the interim president projected that the agreement could yield over $200 billion in revenue for Venezuela.
Venezuelan interim President Delcy Rodriguez confirmed that the 25-year oil agreement with the United States begins with a production goal of over 1.5 million barrels per day. (Juan Barreto/AFP via Getty Images / Getty Images)
She reiterated that Venezuela maintains “ownership and sovereignty” over its natural resources, while tapping into external capital, advanced technology, and operational expertise to revitalize a sector heavily impacted by years of international sanctions.
The agreement has received commendation from parts of the oil industry, including market analyst Phil Flynn, who appeared on “Fox & Friends Weekend.”
“I believe this is a win—an historic one for Americans because it will lead to decades of reduced energy costs,” Flynn told host Kayleigh McEnany.
FOX Business’ Jasmine Baehr and Reuters contributed to this report.
