President Donald Trump announced a new oil agreement with Venezuela on Friday, stating that the United States will obtain majority control over 65 billion barrels of proven oil reserves.
In a post on Truth Social, Trump wrote that, “At my direction, Secretary of State Marco Rubio and Secretary of Defense Pete Hegseth, working closely with the interim president of Venezuela, Delcy Rodriguez, and private‑sector partners, have secured majority U.S. control over more than 65 billion barrels of proven oil reserves in Venezuela at no cost to the American taxpayer.”
Trump indicated that the deal would more than double U.S. oil reserves.
Secretary Rubio commented on social media, “This deal is a huge win for both the American and Venezuelan people.”
Venezuela holds an estimated 303 billion barrels of proven oil reserves, the largest endowment in the world.
Since the United States removed former Venezuelan President Nicolás Maduro from power in January, Washington has sought to ensure a steady supply of Venezuelan crude for U.S. refineries and to encourage American investment in the OPEC nation’s weakened energy sector, which now produces about 1.25 million barrels per day.
Trump faces political pressure ahead of the November midterm elections as gasoline prices rise; the agreement could ease those costs by providing cheaper oil and increasing production.
The United States is also exploring ways to replenish its Strategic Petroleum Reserve, including potential crude swaps with domestic producers.
The Wall Street Journal and Axios reported earlier this week that the Trump administration has been engaged in talks with Venezuela.
The reports have sparked concern and anger among Venezuela’s opposition, which is already critical of Trump’s failure to deliver genuine political change after Maduro’s removal.
“It’s a land grab – a massive land grab,” said an unnamed Venezuelan opposition figure. “This is not the United States we once knew; it resembles a rapacious, mafia‑style exploitation rather than the America of the Marshall Plan.”
Tom Phillips and Reuters contributed reporting
