Trump announces US deal for majority control of Venezuelan oil reserves

Caracas, Venezuela. President Donald Trump said on Friday that the United States had secured majority control of more than 65 billion barrels of Venezuela’s proven oil reserves through a partnership with private business.

The proposed arrangement would expand the US role in Venezuela’s oil industry and provide crude supplies for US refineries, according to Trump and Secretary of State Marco Rubio.

Details of the announcement

Trump provided few details, saying the United States had secured control of more than a fifth of Venezuela’s proven oil reserves at no cost to US taxpayers.

“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 business, have secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer,” Trump wrote on Truth Social.

He did not disclose the structure of the agreement, the oilfields or companies involved, or how the United States would exercise majority control over the reserves.

Negotiations and planned agreements

The announcement followed weeks of US-Venezuelan negotiations on a deal that would give American companies long-term access to Venezuelan oilfields and guarantee resulting crude supplies to the United States.

Venezuelan officials are preparing to sign agreements next week granting new oil exploration and production rights to several companies, particularly US firms.

Sources told Reuters that a lease model was under consideration, with fields potentially auctioned to US producers. The arrangement could face legal and constitutional challenges in Venezuela, where the state retains control over core oil industry activities.

A list seen by Reuters showed that the fields are in the Orinoco Belt and Lake Maracaibo regions.

Oil production and expected impact

Venezuela holds the world’s largest proven oil reserves but produces about 1.25 million barrels per day, well below its potential after years of underinvestment, mismanagement and sanctions.

Venezuela’s leader welcomed the agreement, saying it would boost the economy and government revenue.

Rubio said on X that the agreement would benefit both countries by securing stable, low-cost oil for the United States and helping to lower gasoline prices.