Trump Says US Secures Control of 65 Billion Barrels of Venezuelan Oil

US President Donald Trump has announced what he described as the “biggest oil deal in world history,” saying the United States has reached an agreement with Venezuela to secure majority control of more than 65 billion barrels of proven Venezuelan oil reserves.

Trump made the announcement on Friday through a post on Truth Social, saying the agreement was negotiated by US Secretary of State Marco Rubio and Defense Secretary Pete Hegseth in cooperation with Venezuela’s interim President Delcy Rodríguez and private-sector partners.

According to Trump, the arrangement will give the United States majority control of the reserves without cost to American taxpayers. He also claimed the deal would more than double US oil reserves, increase crude supplies and eventually lead to substantially lower gasoline prices for American consumers.

The agreement reportedly involves the development of 17 strategic Venezuelan oil fields, with nearly $100 billion in private investment expected to flow into the country’s energy sector. Venezuelan officials have said the arrangement could generate as much as $209 billion in tax revenue for the Venezuelan state.

However, important details of the agreement remain unclear. The US administration has not fully disclosed the private companies involved, the precise structure of the ownership arrangement or how control over the oil reserves will be exercised.

Reuters reported that the arrangement would give the United States a major stake in roughly one-fifth of Venezuela’s vast oil reserves, with American companies expected to play a central role in rebuilding the country’s struggling petroleum industry.

Venezuela holds an estimated 303 billion barrels of proven crude oil reserves, making it home to the world’s largest known oil reserves. Yet years of underinvestment, sanctions, political instability and deteriorating infrastructure have severely limited the country’s ability to turn those reserves into production.

The deal comes as the Trump administration faces pressure over elevated US fuel prices and depleted strategic petroleum reserves. The administration has been pushing to restore Venezuela’s oil production while encouraging American energy companies to return to the South American country.

US Secretary of State Marco Rubio has said the agreement could bring almost $100 billion in private investment, create jobs and contribute to Venezuela’s economic reconstruction.

Still, analysts and critics have raised questions about the legal and practical challenges involved, particularly given Venezuela’s damaged oil infrastructure and the country’s history of state control over its petroleum industry. Even with substantial investment, restoring production capacity is expected to take time.

The announcement therefore represents not simply an energy transaction, but a potentially major shift in the balance of control over Venezuela’s oil industry and the wider energy relationship between Washington and Caracas.