Trump announces US control of 65B barrels Venezuelan oil

US President Donald Trump announced on Friday that Washington has finalized an agreement with Venezuela to secure majority control of more than 65 billion barrels of proven oil reserves. "The United States of America has just entered into an agreement with the country of Venezuela on the biggest oil deal in world history," he wrote on his Truth Social platform. Trump credited Secretary of State Marco Rubio and Defense Secretary Pete Hegseth for working alongside Venezuelan Acting President Delcy Rodriguez, who assumed the interim presidency in January after US forces captured President Nicolas Maduro.

Trump asserted that the partnership with private industry would involve no cost to American taxpayers, claiming the transaction more than doubles existing US oil reserves and will "substantially lower gas prices" for Americans. Rubio characterized the deal as a "huge win" for both nations, telling reporters that it will bring nearly $100 billion in private investment to the South American country.

Venezuelan 'revival'

Rodriguez characterized the agreement as a "historic milestone" that will catalyze the "nation's revival," stating that the initiative represents a direct result of strengthening ties with Washington. She noted that the pact involves the development of 17 strategic fields and projected that the deal would secure an investment of more than $100 billion while generating over $209 billion in taxes for the country, adding that the contributions will promote "the energy security of our hemisphere" and provide "greater balance in international markets."

Implementation hurdles

Transferring control of natural resources to Washington could require changes to Venezuela's Constitution due to strong domestic opposition, according to The Washington Post. US Energy Secretary Chris Wright is expected to travel to Venezuela next week to advance the agreement, even as Venezuelan oil production has increased by only about 200,000 barrels per day in the last year despite efforts to attract investment.