The US and Venezuela have reached an agreement on a major oil deal that could give Washington access to more than 65 billion barrels of Venezuela’s oil reserves, according to Euronews.

US President Donald Trump announced the agreement on August 28 on Truth Social, describing it as the "biggest oil deal in world history."

"This Historic Transaction more than doubles American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas prices for all Americans," he wrote, adding that it would also help "set Venezuela on a course toward Tremendous Success and Great Prosperity."

Venezuelan acting President Delcy Rodríguez later confirmed the "historic" agreement, saying it "calls for the development of 17 strategic fields" and could attract "more than $100 billion, and more than $209 billion in taxes for the state."

US Secretary of State Marco Rubio described the agreement as a "huge win for both the American and Venezuelan people."

"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 said.

"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 added.