US President Donald Trump has announced what he described as a “historic” agreement with Venezuela that would give the United States control over more than 65 billion barrels of the country’s proven oil reserves.

Trump said the agreement would more than double American oil reserves and argued that increased access to Venezuelan crude could help substantially reduce petrol prices for US consumers.

Venezuela’s interim President Delcy Rodríguez also welcomed the agreement in an address on Saturday, describing it as an important step towards supporting the country’s economic recovery.

Rodríguez said the energy agreement would remain in place for 25 years and would aim to increase Venezuela’s crude oil production to 1.5 million barrels per day. She also maintained that Venezuela would preserve sovereignty over its natural resources.

The agreement comes as Trump faces domestic pressure over rising petrol prices, which have increased amid the ongoing war with Iran.

Trump had previously pledged to gain greater access to Venezuela’s vast oil resources after the US captured then-President Nicolás Maduro in January. Maduro was taken to New York to face drug-related charges, while Rodríguez, his former vice-president, subsequently became interim president with US backing.

Venezuela holds the world’s largest proven oil reserves, making its energy industry potentially significant for global markets. However, analysts have expressed scepticism about the agreement and whether it can overcome longstanding problems that have discouraged investment in the country’s oil sector.

Questions remain over how the deal will operate in practice, how quickly Venezuela can increase production and whether additional supplies will have the impact on US fuel prices that Trump has predicted.