Trump Hands Over Venezuela’s Oil Wealth to U.S. Corporations in 65 Billion Barrel Deal
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President Trump has struck a deal with Venezuela that hands control of 17 oil fields—containing 65 billion barrels of reserves—to a private, U.S.-linked company, granting it a century-long stake and the lion’s share of profits, deepening corporate exploitation and neocolonial control.
President Donald Trump announced via social media that his administration has finalized an agreement with Venezuela to develop 17 oil fields estimated to hold 65 billion barrels of crude. This deal, orchestrated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and Venezuela’s acting president Delcy Rodríguez—whose legitimacy is contested—creates a new private company, partnered with an unnamed U.S. operator, and grants it 100-year development rights and a 55% effective output share. The company will also have the right to purchase oil at cost, effectively transferring Venezuela’s natural wealth into the hands of foreign capital for generations.
Rodríguez’s government claims the arrangement could attract $100 billion in investment and generate over $209 billion in taxes for Caracas. However, a U.S. official, speaking anonymously, confirmed that the long-term rights are designed to secure oil for the U.S. strategic petroleum reserve and military, raising concerns about resource extraction for imperial interests rather than the Venezuelan people’s benefit.
This announcement follows a U.S.-backed operation earlier this year that ousted former Venezuelan President Nicolás Maduro, a move widely condemned as foreign intervention. The deal comes as Americans face rising gasoline prices—averaging $4.09 per gallon—and as oil flows from the Gulf are disrupted by the conflict between Israel and Iran. Analysts warn that Venezuela’s oil sector, battered by years of underinvestment and sanctions, will not see rapid increases in production without massive infrastructure repairs.
Industry leaders expressed skepticism; ExxonMobil CEO Darren Woods called Venezuela “un-investable,” while Rubio boasted that the deal would bring billions in private investment and benefit both nations. This agreement signals a dramatic shift in Venezuela’s oil policy, opening the door to privatization after decades of state control, and marks yet another chapter in the global exploitation of the Global South’s resources by Western powers.