Trump Announces Major Venezuela Oil Deal, Claims Expanded US Control of 65 Billion Barrels

By Staff, Agencies

US President Donald Trump has announced what he described as the largest oil agreement in history, claiming the deal with Venezuela gives the United States majority control over more than 65 billion barrels of Venezuelan crude.

Trump said on Friday that US Secretary of State Marco Rubio and Secretary of War Pete Hegseth had worked with Venezuelan interim leader Delcy Rodriguez and private companies to secure control of the oil resources without cost to American taxpayers.

Trump claimed the agreement would “more than double” US oil reserves. However, the US Energy Information Administration estimates that the country has about 46 billion barrels of proved crude oil and lease condensate reserves. While adding Venezuela’s estimated 65 billion barrels would put the combined amount above 111 billion barrels under some form of US control, Venezuelan crude would not technically become part of America’s domestic oil reserves.

Rubio described the agreement as a major economic victory, saying it could attract nearly $100 billion in private investment to Venezuela, create thousands of jobs and potentially help reduce gasoline prices in the United States.

Rodriguez also confirmed the agreement, saying it involves 17 strategic oil fields with an estimated 65 billion barrels of proven potential. She said the plan could generate more than $100 billion in investment and over $209 billion in tax revenue for Venezuela. Private companies are expected to participate in developing the fields, although the exact ownership and control arrangements have not been fully disclosed.

The agreement follows a dramatic expansion of US involvement in Venezuela's oil sector after Washington's January 3 military operation that captured former Venezuelan President Nicolás Maduro and took him to the United States to face federal charges.

Following the operation, Trump said Washington would oversee Venezuela while the country underwent a political transition and did not rule out additional military action if its interim leadership failed to cooperate.

The US government later moved toward indefinite control over Venezuelan oil sales and revenues. Trump also ordered proceeds from Venezuelan crude exports to be placed in US Treasury accounts, subject to American restrictions.

The developments have prompted strong criticism over Venezuelan sovereignty. Ricardo Hausmann, a former Venezuelan planning minister, described the agreement as unconstitutional, arguing that Rodriguez's interim government lacks the authority to give Washington long-term control over the country's oil resources.

Former Venezuelan vice president and longtime Chavista figure Elias Jaua has also criticized the broader US policy, accusing Washington of undermining Venezuela's sovereignty and taking control of its natural resources.