The US has reached a deal with Venezuela to control more than 65 billion barrels of its proven oil reserves, according to President Donald Trump.

“This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans,” Trump posted on social media.

After the US arrested Venezuela’s then-President Nicolás Maduro earlier this year, Trump vowed to tap its reserves – the world’s largest. More recently, he has been under pressure to bring gas prices down at home.

Secretary of State Marco Rubio called the deal “a huge win for both the American and Venezuelan people”. Details have not been released.