The move was reached just days after the US captured its then-President Nicolás Maduro this year.

Writing on Truth Social about the deal, Trump said: "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."

"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, while helping to continue to set Venezuela on a course toward Tremendous Success and Great Prosperity," he said.

Trump said the deal will greatly strengthen the already growing relationship between Venezuela and the United States.

US Secretary of State Marco Rubio described the deal as a 'huge win' for the people of both countries.

"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," Rubio wrote on X.

"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," he said.

Venezuela's interim President, Delcy Rodriguez,  welcomed the move and said in a statement that the agreement would have "a significant impact on our nation's revival", BBC reported.

The deal calls for the development of 17 strategic oil fields with a proven potential of 65 billion barrels, as well as "an investment of more than $100 billion, and more than $209 billion in taxes for the State", Rodriguez said.

On January 3, President Maduro and his wife, Cilia Flores, were seized in a US special forces operation which was authorised by Trump.