The United States has reached an agreement with Venezuela to take control of more than 65 billion barrels of the country's proven oil reserves, according to President Donald Trump.

Announcing the move on social media, Mr Trump described the arrangement as a historic transaction that more than doubles American oil reserves. He added that the agreement would significantly increase US energy supplies and lead to substantially lower petrol prices for American consumers.

According to Mr Trump, the deal was negotiated by US Secretary of State Marco Rubio and Defence Secretary Pete Hegseth, who worked alongside Venezuela's interim president, Delcy Rodriguez, through what was described as a partnership with private business.

Mr Rubio publicly welcomed the agreement, calling it "a huge win for both the American and Venezuelan people". Writing on social media, he said the plan would channel nearly $100 billion in private investment into Venezuela, support thousands of high-paying jobs, and drive the reconstruction of the country's economy.

To understand how we got here, we have to look back at the dramatic intervention earlier this year. On 3 January, Venezuela's then-president, Nicolás Maduro, and his wife, Cilia Flores, were seized during a military operation authorised by Mr Trump.

In the hours following that raid, Mr Trump stated that his administration would run Venezuela until a "safe, proper and judicious transition" could be established. At the time, he made clear that the US intended to take indefinite control over the sale of the nation's oil.

Mr Trump has also justified claiming rights over the energy sector by alleging that Venezuela previously "unilaterally seized and sold American oil, American assets and American platforms, costing us billions and billions of dollars".

The timing of the announcement is significant. Mr Trump has been under growing pressure at home to lower domestic fuel costs, and he had explicitly vowed to tap into Venezuela's energy resources following Mr Maduro's arrest.

Venezuela holds the largest proven crude reserves on the planet, with an estimated 303 billion barrels underground. Despite that immense natural wealth, the country's oil production has plummeted significantly from its peak in the late 1990s.

What we don't know yet are the specific terms and operational details of the deal. The full agreement has not been released, and Mr Trump did not outline what commitments Washington has made or how the private sector partnership will function, though he maintained it was achieved "at no cost to the American Taxpayer".

With the finer points still under wraps, the practical impact on global energy markets and Venezuela's recovery remains to be seen. I'll be following this one — check back for updates.