US Announces Major Deal Securing Control Over Venezuela’s Oil Reserves

President Donald Trump announced a sweeping agreement Friday giving the United States majority control over more than 65 billion barrels of Venezuela’s proven oil reserves, marking one of the largest energy deals involving the South American nation in decades.

Deal Aims To Boost US Fuel Supply And Revive Venezuelan Production

According to Trump, the agreement was reached through a partnership between the US government and private companies, with the goal of increasing oil output from Venezuela, home to the world’s largest proven reserves despite producing only a fraction of its potential due to years of underinvestment and sanctions. Officials say the arrangement comes at no direct cost to American taxpayers.

Venezuelan Leadership Welcomes Economic Boost

Interim Venezuelan leader Delcy Rodriguez said the deal could unlock development across 17 strategic oil fields, potentially generating over $200 billion in tax revenue while modernizing the country’s energy infrastructure. US Secretary of State Marco Rubio described the agreement as mutually beneficial, citing nearly $100 billion in expected private investment and thousands of new jobs for Venezuela, alongside more stable and affordable oil access for the United States.

Key Details Remain Unclear

Officials have not disclosed the specific companies involved, the financial structure of the deal, or how the US intends to exercise majority control over the reserves. Reports indicate the targeted oil fields are located in the Orinoco Belt and Lake Maracaibo regions, with formal agreements expected to be signed in the coming days.

Analysts Raise Legal And Practical Concerns

Energy policy experts caution that legal questions remain regarding whether such an arrangement is compatible with Venezuela’s constitution and hydrocarbon laws. Analysts also noted that longstanding investment obstacles, including infrastructure limitations and political uncertainty, could slow the deal’s real world impact, with any effect on US gasoline prices likely taking years to materialize.

The announcement comes amid continued US efforts to secure Venezuelan oil supplies following the removal of former President Nicolas Maduro earlier this year, as well as growing political pressure ahead of the upcoming US midterm elections.