U.S. President Donald Trump [AP=Yonhap News]U.S. President Donald Trump announced on the 28th (local time) that he has signed an oil trade agreement with Venezuela, a country rich in crude oil resources.

On the social media platform Truth Social that day, President Trump wrote, "The United States has just reached an agreement for the largest oil deal in world history with Venezuela."

He further explained, "Secretary of State Marco Rubio and Secretary of War Pete Hegseth are working closely with Venezuela’s respected Interim President Delcy Rodríguez. Through partnerships with private companies, we have secured majority U.S. control over Venezuela’s more than 65 billion barrels of proven oil reserves, without any cost to U.S. taxpayers."

This is interpreted to mean that the Venezuelan government and U.S. oil companies have reached a successful agreement regarding crude oil extraction rights in Venezuela.

Venezuela, formerly a leading anti-American nation in Latin America, holds the world's largest proven oil reserves. It has been cooperating with the Trump administration since the U.S. military successfully conducted a military operation to oust former President Nicolás Maduro in January of this year, acting under President Trump’s orders.

Attention is now focused on whether this will lead to a decrease in international oil prices and domestic energy costs in the U.S., both of which have surged due to the war in Iran.

President Trump stated on Truth Social, "This historic deal, which will more than double America’s oil reserves, will significantly increase oil supply, drastically lower gasoline prices for all Americans for a long time to come, and help put Venezuela on a path to tremendous success and great prosperity."

He added, "This deal will significantly solidify the already growing relationship between Venezuela and the United States."