Trump hails Venezuela oil deal as 'greatest ever' made

US President Donald Trump on Monday hailed a new energy agreement with Caracas as "maybe the greatest deal ever made," declaring that Venezuela's "unbelievable value" in oil reserves had sat dormant before Washington secured majority control over 65 billion barrels of proven deposits.

'Unbelievable value' dormant no longer

Trump told reporters in the Oval Office that "all" of the crude would be directed to US refineries in Houston and Louisiana for processing. "It was also a very good deal for Venezuela because you have the most powerful, the richest companies in the world going into Venezuela, where before it was just this unbelievable value that was sitting dormant," he said. "But we're going to be taking all of that. We're going to be taking that oil out," he added, noting that American facilities are specifically equipped to process Venezuelan heavy crude for asphalt and roadways.

25-year pact with interim government

Venezuelan Interim President Delcy Rodriguez confirmed the pact would remain in effect for 25 years, with development spanning 17 strategic fields, according to the agreement details. Rodriguez, who assumed office in January following a US military operation that captured former leader Nicolas Maduro, said the deal anticipates more than $100 billion in private investment and over $209 billion in tax revenue for Venezuela. Trump described bilateral relations as "great" and called the partnership a "team in a sense," adding that "we're making a fortune, and they're making a fortune."

Alternative supply amid Hormuz blockade

The pivot toward Venezuelan crude comes as the Strait of Hormuz — described as the world's most important oil transit point — remains blocked amid an ongoing war between the US-Israel coalition and Iran that began on February 28. Washington's reliance on alternative supply routes has intensified since the conflict reached a stalemate, disrupting traditional energy shipments from the Gulf region.