Trump Announces Historic Venezuela Oil Deal Giving US Majority Control
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US President Donald Trump has announced what he called the “biggest oil deal in world history,” saying the United States has secured majority control of more than 65 billion barrels of Venezuela’s proven oil reserves.
Trump said the agreement, negotiated by Secretary of State Marco Rubio and Secretary of War Pete Hegseth with Venezuela’s interim President Delcy Rodriguez, would revive the country’s struggling oil industry and potentially reduce fuel prices in the US.
Rodriguez welcomed the deal, which is expected to generate around $209 billion for Venezuela’s treasury. US companies are expected to receive long-term access to several Venezuelan oilfields, with new exploration and production agreements potentially being signed next week.
The agreement could significantly expand Washington’s role in Venezuela’s energy sector. However, Trump has not yet revealed the exact structure of the deal, the oilfields involved or how US majority control would work.
Venezuela has the world’s largest proven oil reserves but currently produces around 1.25 million barrels per day, far below its potential due to years of underinvestment, mismanagement and sanctions.
Rubio said the agreement would provide the US with a stable supply of lower-cost oil, while Venezuela could receive nearly $100 billion in private investment, create jobs and support economic reconstruction.
