U.S. and Venezuela announce 25-year oil agreement targeting 1.5 million barrels daily
President Donald Trump and Venezuela's interim president Delcy Rodríguez said a new bilateral deal will give the United States control of more than 65 billion barrels of Venezuelan reserves and aim for 1.5 million barrels per day of production over 25 years.
Venezuela's interim president Delcy Rodríguez announced a 25-year oil agreement with the United States that would develop 17 strategic fields and initially target production of over 1.5 million barrels per day, while maintaining Venezuelan sovereignty over the resources. The deal, described by Rodríguez as a "historic" project, is intended to help revive Venezuela's economy and could generate more than $200 billion in revenue for the country, according to her statements on state television.
President Donald Trump posted on Truth Social that the United States has secured majority control of more than 65 billion barrels of proven Venezuelan oil reserves, calling the arrangement the "biggest oil deal in world history." He said the transaction would more than double U.S. oil reserves, increase supply and lower gasoline prices for Americans. The agreement was said to be reached through Secretary of State Marco Rubio, Secretary of War Pete Hegseth, Rodríguez and private businesses, with no cost to the American taxpayer.
Rubio called the pact a "huge win" for both nations, noting it would provide stable, low-cost oil in the Western Hemisphere and attract nearly $100 billion in private investment to Venezuela, supporting high-paying jobs and economic reconstruction. An oil trader cited on a television program said the deal could lower prices for years and allow U.S. technology to modernize Venezuela's oil sector.