Trump Announces Landmark Deal to Secure Control of Venezuelan Oil Reserves

WASHINGTON — President Donald Trump announced on Friday that the United States has finalized a historic agreement with Venezuela, granting the U.S. majority control over 65 billion barrels of the South American nation’s proven oil reserves.

The deal, which the administration describes as a centerpiece of its “America First” foreign policy, aims to stabilize domestic energy prices amid the ongoing international volatility stemming from the six-month-old conflict between the U.S.-led coalition and Iran.

“The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!” President Trump wrote in a statement on Truth Social.

According to the president, the move was orchestrated by Secretary of State Marco Rubio and Secretary of War Pete Hegseth, in collaboration with Delcy Rodriguez, whom the administration recognizes as the interim president of Venezuela. Trump emphasized that the partnership—which involves private sector entities—secures these massive energy assets “at no cost to the American taxpayer” and asserted that the transaction “more than doubles” total U.S. oil reserves.

A Strategic Pivot

The agreement marks a significant shift in U.S.-Venezuela relations. Earlier this year, the U.S. military conducted an operation that resulted in the detention of President Nicolás Maduro, who is currently facing federal charges in the United States related to narcoterrorism and drug trafficking.

Secretary of State Marco Rubio praised the development on social media, framing it as a geopolitical and economic success. “It demonstrates how President Trump’s bold foreign policy is driving America First wins: securing stable reserves and low-cost oil in our Hemisphere and lowering gas prices here at home,” Rubio wrote.

He added that the agreement is expected to inject nearly $100 billion in private investment into the Venezuelan economy, potentially creating thousands of jobs and aiding in the nation’s infrastructure reconstruction.

Challenges in Extraction

Venezuela possesses one of the world’s largest petroleum endowments, with total estimated reserves of approximately 303 billion barrels—roughly 17% of the global supply, according to data from the U.S. Energy Information Administration.

However, experts note that the path from securing control to actual production is complex. While the geological data in Venezuela is exceptionally well-mapped and “proven,” the country’s state-run energy sector has suffered from years of neglect. Currently, despite holding the world’s largest reserves, Venezuela produces only about 1% of the world’s total oil supply due to chronically dilapidated infrastructure.

Analysts suggest that the success of this deal with Venezuela will depend heavily on the scale of the private investment promised by the administration and the speed at which the required industrial technology can be imported to modernize the country’s refineries and extraction sites.

The announcement comes at a sensitive time, as the White House faces mounting political pressure ahead of the upcoming midterm elections, with voters increasingly focused on the intersection of foreign military involvement and the cost of energy at the pump.