Trump Announces Oil Deal to Secure Control of Venezuelan Reserves

U.S. President Donald Trump has announced that the United States has reached an agreement to secure control over more than 65 billion barrels of Venezuelan oil reserves, describing the deal as a historic move that would significantly boost America's energy supply.

In a post on social media, Trump said the agreement would more than double U.S. oil reserves, substantially increase domestic energy supplies, and significantly reduce gasoline prices for American consumers.

"This historic transaction will more than double America's oil reserves, massively increase our oil supply, and significantly lower gas prices for all Americans," Trump wrote.

Venezuela's interim President Delcy Rodríguez welcomed the agreement, saying it would play a vital role in reviving the country's economy.

Earlier this year, after the arrest of then-President Nicolás Maduro, Trump said his administration intended to develop Venezuela's vast oil resources, which are considered the largest proven reserves in the world.

The announcement comes as the Trump administration has faced mounting pressure to address rising fuel prices in the United States amid ongoing tensions involving Iran.

U.S. Secretary of State Marco Rubio described the agreement as "a tremendous victory for both the American and Venezuelan people." However, neither the White House nor the Venezuelan government has released the full details of the deal.

In a social media post, Rubio said the agreement is expected to attract nearly $100 billion in private investment to Venezuela, create thousands of high-paying jobs, and accelerate the country's economic recovery.

Trump said Rubio and Defense Secretary Pete Hegseth negotiated the agreement with Venezuelan authorities through a partnership involving private companies, although he did not identify the companies involved or disclose the specific terms of the arrangement.

The president also claimed that the agreement was completed "without costing American taxpayers a single dollar."

Venezuela Expects Major Economic Benefits
In a statement, Rodríguez said the deal would have a transformative impact on Venezuela's economic recovery.

According to her, the agreement includes the development of 17 strategic oil fields believed to contain more than 65 billion barrels of recoverable oil reserves. She added that the project is expected to attract over $100 billion in investment and generate more than $209 billion in tax revenue for the Venezuelan state.

"This investment will not only contribute to the recovery and modernization of our hydrocarbon industry, but also promote economic growth, strengthen regional energy security, and help stabilize international energy markets," Rodríguez said.

U.S. to Hold Majority Control
According to a U.S. official cited by the BBC's media partner, the agreement gives the Trump administration 55 percent control of a joint venture formed with an experienced private oil operator to manage the Venezuelan oil fields.

The official added that Rodríguez has granted the joint venture a 100-year operating concession for the designated oil fields.

Background
On January 3, U.S. special forces, acting under Trump's authorization, detained Nicolás Maduro and his wife, Cilia Flores.

Hours after the operation, Trump said his administration would oversee Venezuela until what he described as a "safe, proper, and prudent transition" of power could be completed.

He also stated that the United States would retain control over the sale of Venezuelan oil for an indefinite period.

Venezuela possesses the world's largest proven oil reserves, estimated at approximately 303 billion barrels. However, the country's oil production has declined sharply since peaking in the late 1990s due to years of political instability, economic crisis, and underinvestment.

Trump has called on U.S. energy companies to invest at least $100 billion in rebuilding Venezuela's oil industry.

He has also argued that the United States has legitimate claims over Venezuelan oil assets, alleging that Venezuela previously "seized and sold American oil, American assets, and American drilling platforms," causing the United States "billions of dollars" in losses.