US and Venezuela agree on control of 65 billion barrels of oil reserves
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President Donald Trump announced a deal that would give the United States majority control of more than 65 billion barrels of proven Venezuelan oil reserves, a move the administration says will increase U.S. oil supplies and lower fuel prices.
President Donald Trump said the United States has reached an agreement with Venezuela that would give American interests majority control of over 65 billion barrels of the South American country's proven oil reserves. The announcement was made in a post on the president's social-media platform, where he described the transaction as historic and claimed it would more than double U.S. oil reserves and help reduce 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.
Interim President Delcy Rodriguez welcomed the arrangement, noting that it is expected to generate about $209 billion for Venezuela's treasury. Venezuelan officials said they will sign agreements next week that will grant new exploration and production rights to several companies, primarily U.S. firms. A lease-based model is being considered, though it could encounter legal and constitutional challenges under Venezuela's state-controlled oil sector.
The deal follows weeks of negotiations aimed at providing American companies long-term access to Venezuelan fields and guaranteeing a steady crude supply to U.S. refineries. Venezuela, which holds the world’s largest proven oil reserves, currently produces roughly 1.25 million barrels per day, far below its capacity.
Secretary of State Marco Rubio said the agreement would secure stable, low-cost oil for the United States and help lower fuel prices, while also bringing nearly $100 billion in private investment to Venezuela and supporting thousands of jobs.
Details of the agreement, including the specific fields and companies involved and the mechanism for exercising majority control, were not disclosed.