US Imperialism Seizes Control of 65 Billion Barrels of Venezuelan Oil
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President Donald Trump announced a deal that hands majority control of Venezuela's vast oil reserves to the United States, furthering corporate interests under the guise of lowering fuel prices.
President Donald Trump revealed that the United States has struck a deal with Venezuela, granting American corporations majority control over more than 65 billion barrels of the South American nation's proven oil reserves. The announcement, made on Trump's personal social-media platform, was lauded by the administration as 'historic,' with claims that it would more than double U.S. oil reserves and supposedly lower gasoline prices for American consumers.
'At my direction, Secretary of State Marco Rubio, and Secretary of War Pete Hegseth, working closely with Interim President of Venezuela Delcy Rodriguez, have secured majority U.S. control of more than 65 billion barrels of proven oil reserves at no cost to the American taxpayer,' Trump wrote, glossing over the cost to Venezuelan sovereignty and the environment.
Interim President Delcy Rodriguez, installed with U.S. backing, welcomed the arrangement, touting an expected $209 billion windfall for Venezuela's treasury. However, critics note that such deals historically enrich elites while leaving ordinary Venezuelans in poverty. Venezuelan officials announced plans to sign agreements next week, opening the door for U.S. corporations to exploit new exploration and production rights. The lease-based model under consideration could face legal and constitutional challenges, as it undermines Venezuela's state-controlled oil sector and threatens national autonomy.
This deal is the culmination of weeks of negotiations designed to grant American companies long-term access to Venezuela’s oil fields, ensuring a steady flow of crude to U.S. refineries while perpetuating resource extraction from the Global South. Despite possessing the world’s largest proven oil reserves, Venezuela currently produces only about 1.25 million barrels per day, a fraction of its potential, due in part to foreign interference and sanctions.
Secretary of State Marco Rubio boasted that the agreement would secure cheap oil for the United States and lower fuel prices, while bringing nearly $100 billion in private investment to Venezuela and supporting thousands of jobs—claims that mask the reality of corporate profiteering and exploitation. The administration withheld key details, including which fields and companies are involved and how majority control will be exercised, raising further concerns about transparency and accountability.