Trump says U.S. will control majority of 65 billion barrels in Venezuela oil deal
President Donald Trump announced a partnership that would give the United States majority control over more than 65 billion barrels of proven Venezuelan oil reserves, though details of the agreement were not disclosed.
President Donald Trump announced on Friday that the United States has secured majority control of more than 65 billion barrels of proven oil reserves in Venezuela. The deal, which he said was brokered through a partnership with private businesses by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, is described as a "huge win for both the American and Venezuelan people" by Rubio on social media.
Trump provided no specifics on the structure of the agreement, the fields involved, or how the United States will exercise its majority stake. Venezuela’s total proven reserves are estimated at 303 billion barrels, the world’s largest. The announcement follows reports that the administration is in advanced talks to take a direct stake in more than a dozen oilfields containing roughly a third of the country’s reserves.
The move comes amid rising gasoline prices in the United States and ongoing efforts to replenish the strategic petroleum reserve. It also coincides with pending investments by Chevron and other U.S. energy firms in Venezuelan oil projects.
"It’s a land grab – a massive land grab," said a prominent Venezuelan opposition figure who asked to remain anonymous, criticizing the agreement.
The administration has not disclosed how the arrangement will be financed or its impact on Venezuelan ownership of the assets.