Trump Announces ‘Biggest Oil Deal’ With Venezuela, Claims U.S. Control of 65 Billion Barrels

U.S. 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 that would give American interests majority control of more than 65 billion barrels of proven Venezuelan oil reserves.

Trump said the agreement was negotiated under his direction by U.S. Secretary of State Marco Rubio and Secretary of War Pete Hegseth, working with Venezuela’s interim President Delcy Rodríguez. He said the arrangement involves a partnership with private businesses and would come at no cost to American taxpayers.

According to Trump, the transaction would more than double U.S. oil reserves, increase America's oil supply and eventually help lower gasoline prices for American consumers.

Major Venezuelan Oil Investment

The announcement comes as the United States seeks to strengthen energy security amid elevated oil and gasoline prices. Venezuela holds the world's largest proven oil reserves, although its oil industry has faced years of declining production, infrastructure problems and limited investment.

The agreement reportedly involves the development of 17 strategic oil fields. Venezuelan officials have said the plan could attract more than $100 billion in private investment, while generating substantial tax revenues for Venezuela.

The Associated Press reported that the proposed arrangement would establish a new company involving U.S. interests and an unnamed operator, with the U.S. holding a reported 55% operational share and purchasing oil at cost.

Trump Links Deal to Lower Gas Prices

Trump said the agreement would substantially reduce gasoline prices for Americans “long into the future,” while strengthening the growing relationship between Washington and Caracas.
Secretary of State Marco Rubio also described the agreement as a major gain for both countries, saying it could bring significant private investment to Venezuela and support economic reconstruction.

However, analysts have cautioned that translating Venezuela's enormous reserves into increased production will take time and require major investment in infrastructure and the country's oil industry.

A New Chapter in U.S.-Venezuela Relations

The announcement marks a significant development in U.S.-Venezuela relations and could reshape the country's oil sector while giving American companies a larger role in Venezuelan energy production.

Trump said the agreement would “greatly strengthen” relations between the two countries and put Venezuela on a path toward economic recovery and prosperity.