Trump claims United States reached oil agreement with Venezuela
President Donald Trump announced a deal that would give the United States control over 65 billion barrels of Venezuelan oil, citing involvement by senior officials, while Venezuelan officials have not confirmed the arrangement.
President Donald Trump said on Friday that the United States has reached an agreement with Venezuela to take control of 65 billion barrels of the South American country's oil reserves. He posted the announcement on social media, noting that the deal was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Venezuela's interim president Delcy Rodríguez.
The Venezuelan government’s press office did not immediately respond to requests for comment. Details of the arrangement, including any private-sector partners, were not provided.
The announcement follows a U.S. operation earlier this year that captured Venezuelan President Nicolás Maduro for federal narcoterrorism charges and comes amid rising U.S. gasoline prices, which average about $4.09 per gallon, according to AAA.
Rubio posted on X that the agreement could bring $100 billion in private investment to Venezuela and help lower U.S. gas prices, describing it as a win for both nations. However, industry executives have expressed caution; ExxonMobil CEO Darren Woods called Venezuela “un-investable” because of its deteriorated infrastructure.
Venezuela holds an estimated 303 billion barrels of crude oil, roughly 17 % of global reserves, but currently produces only about 1 % due to aging facilities. The interim government has recently signed legislation to open the oil sector to privatization.