Donald Trump says the United States has reached an oil agreement with Venezuela’s interim president, Delcy Rodríguez, giving it “majority” control of 65bn barrels of proven reserves. The arrangement could strengthen US access to Venezuelan crude, support investment in its damaged oil sector and potentially help address domestic concern over petrol prices ahead of November’s midterm elections, although its terms remain unclear.

Trump said the deal, reportedly brokered through private businesses by Marco Rubio and Pete Hegseth, would cost US taxpayers nothing and more than double US oil reserves. Venezuela holds an estimated 303bn barrels of proven reserves and produces about 1.25m barrels a day; reports had suggested Washington was seeking stakes in more than a dozen fields containing up to 90bn barrels. Some Venezuelan opposition figures have condemned the negotiations as a resource grab, while Chevron and other US firms are reportedly expected to announce major investments.