US gains majority control of 65 billion barrels as Trump touts historic energy deal
US President Donald Trump has announced what he described as the “biggest oil deal in world history” with Venezuela, saying the agreement gives the United States majority control over more than 65 billion barrels of Venezuela’s proven oil reserves.
Trump said the deal, negotiated by US Secretary of State Marco Rubio and Secretary of War Pete Hegseth with Venezuelan interim President Delcy Rodriguez and private businesses, would come at no cost to American taxpayers. He also claimed it would substantially lower fuel prices in the US.
US to gain majority control of Venezuelan oil
Under the arrangement, a new public-private structure is expected to develop 17 strategic oil fields, with nearly $100 billion in private investment envisaged for Venezuela’s battered energy sector. Reuters reported that the United States would receive majority operational control, while Venezuela would benefit from investment and increased state revenues.
The agreement marks a dramatic shift in Venezuela’s oil industry, which has historically remained under tight state control. Recent reforms under Rodriguez have opened the sector to greater foreign and private participation.
Trump said the deal would more than double US oil reserves and help bring down gasoline prices. The agreement also comes as the US faces pressure over elevated energy costs and seeks to strengthen its domestic oil supply and strategic petroleum reserves.
Deal faces major challenges
Despite Trump’s announcement, questions remain over the full structure and legal status of the agreement. Details of the arrangement have not yet been completely disclosed, while analysts have pointed to Venezuela’s ageing infrastructure, years of underinvestment, political instability and legal hurdles as potential obstacles to rapidly increasing production.
The deal follows months of dramatic changes in US-Venezuela relations, including Washington’s intervention in Venezuela and the removal of former President Nicolás Maduro. Trump has since pushed for a restructuring of the country’s oil industry and greater involvement by US energy companies.
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