United States President Donald Trump has announced what he described as “the biggest oil deal in world history” with Venezuela, securing majority control of over 65 billion barrels of the South American nation’s proven oil reserves.
Trump announced his Truth Social platform, stating that Secretary of State Marco Rubio and Defense Secretary Pete Hegseth negotiated the deal with Venezuela’s interim President Delcy Rodriguez “through a partnership with private business” at “no cost to the American Taxpayer”. The agreement comes nearly nine months after US special forces captured Venezuela’s former President Nicolás Maduro, who is now in US custody facing federal drug trafficking charges.
“This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans, long into the future,” Trump wrote. Venezuela holds the world’s largest proven oil reserves, estimated at 303 billion barrels or approximately 17% of global supply, though the country currently produces only about 1% due to dilapidated infrastructure .
The deal reportedly involves the development of 17 strategic oil fields with proven potential of 65 billion barrels, with the US retaining 55% control of a joint venture with private operators. Interim President Rodriguez stated the agreement would bring “an investment of more than $100 billion, and more than $209 billion in taxes for the State”.
Secretary of State Marco Rubio called the agreement “a huge win for both the American and Venezuelan people,” adding that it would “support thousands of high-paying jobs, and drive the reconstruction of Venezuela’s economy”. The Trump administration, under pressure from rising US gasoline prices amid the ongoing Iran conflict and declining strategic petroleum reserves, has sought to secure stable oil supplies from the Western Hemisphere.
Few details about the private sector partners involved or the legal structure of the arrangement have been disclosed. Experts have noted that the agreement, which grants the US direct control over a foreign country’s sovereign resources, could face legal and constitutional challenges in Venezuela. The official text of the agreement has not been released to the public.
