US claims majority control of 65 billion barrels of Venezuelan oil reserves
The Trump administration has announced a deal granting the US majority control over 65 billion barrels of Venezuelan oil reserves, a move that could significantly expand American energy capacity and ease domestic fuel prices ahead of midterm elections.
President Donald Trump announced Friday that the United States has secured majority control over 65 billion barrels of proven oil reserves in Venezuela. The agreement was brokered with Venezuela’s interim president, Delcy Rodríguez, through a partnership with private business, according to the president.
The administration provided few details regarding the structure of the deal, the specific oilfields involved, or how Washington will exercise this majority control. Secretary of State Marco Rubio and Defense Secretary Pete Hegseth facilitated the negotiations, which Trump stated would cost American taxpayers nothing and more than double national oil reserves.
For energy markets, the agreement opens the door for major American producers to operate in the country’s deteriorated sector, which currently yields 1.25 million barrels per day. Chevron and other US energy companies are expected to sign a separate deal next week to invest billions of dollars in Venezuelan oil fields.
The move carries significant political and economic weight for the US ahead of the November midterm elections, as expanded output and cheaper supplies could help lower domestic gasoline prices. Additionally, securing this crude flow addresses Washington's ongoing efforts to replenish the strategic petroleum reserve through potential swaps with domestic producers.
This announcement follows recent reports detailing advanced talks for the US to take a direct stake in more than a dozen oilfields. Those negotiations reportedly focused on securing roughly 90 billion barrels of proven reserves from Venezuela’s total estimated 303 billion barrels, the largest proven reserve globally.
The terms have sparked severe backlash from Venezuelan opposition figures who are already frustrated by the lack of genuine political reform following the US capture and removal of former president Nicolás Maduro in January. One prominent opposition figure described the arrangement as a "massive land grab" and a "rapacious, mafioso United States" rather than the nation behind the Marshall plan.
Despite the structural ambiguities and political friction, US officials are framing the development as a mutual benefit. Rubio stated on social media that the deal is a "huge win for both the American and Venezuelan people."
