US President Donald Trump has announced a landmark deal with Venezuela that gives the United States majority control over more than 65 billion barrels of proven crude oil reserves.
“The biggest oil deal in world history,” Trump wrote on Truth Social on Friday, adding that the agreement was secured at no cost to American taxpayers and would more than double the total US oil reserves.
“At my direction, Secretary of State Marco Rubio and Secretary of War Pete Hegseth, working closely with Highly Respected Interim President of Venezuela Delcy Rodriguez, and through a partnership with private businesses, have secured majority US control of more than 65 BILLION BARRELS of proven oil reserves in Venezuela, at no cost to the American taxpayer,” he said.
Trump claimed that the deal would lower gas prices in the US while putting Venezuela’s economy on a path to recovery.
“This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans, long into the future, while helping to continue to set Venezuela on a course toward Tremendous Success and Great Prosperity,” the President said. He added that the agreement would also strengthen the “already growing” relationship between the two countries.
The deal comes nine months after the US military captured then-Venezuelan President Nicolas Maduro in a secret operation and brought him to the US to face federal narcoterrorism and drug-trafficking charges.
The new deal comes as the Trump administration seeks to revive Venezuela’s oil production and secure more crude for US refineries amid the Middle East crisis. Although Venezuela holds the world’s largest proven oil reserves, it produces only about 1.25 million barrels per day due to years of underinvestment, mismanagement and sanctions.
According to a Reuters report, Venezuelan officials are preparing to sign agreements next week granting new oil exploration and production rights to a number of companies, particularly US firms. The news agency quoted sources as saying that a lease model was under consideration, with fields potentially being auctioned to US producers.
However, the arrangement could face legal and constitutional challenges in Venezuela, where the state retains control over core oil industry activities.
