Trump Claims U.S Secures Control of 65bn-Barrel Venezuelan Oil Reserves in Historic Deal

U.S president says agreement will boost American oil supplies and cut fuel prices, while Caracas expects more than $100bn in investment…..

US President Donald Trump has announced what he described as the “biggest oil deal in world history”, claiming the United States has secured majority control of more than 65 billion barrels of proven oil reserves in Venezuela.

Trump announced the agreement on Friday in a post on Truth Social, saying the arrangement was reached under his administration through cooperation between US officials, Venezuela’s interim government and private-sector companies.

“At my direction, Secretary of State Marco Rubio, and Secretary of War Pete Hegseth, working closely with Highly Respected Interim President of Venezuela, Delcy Rodriguez, and, through a partnership with private business, have secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer,” Trump said.

The US president said the agreement would significantly expand America’s access to oil, claiming it would more than double the country’s reserves while increasing supply and putting downward pressure on fuel prices.

He also presented the deal as a major diplomatic breakthrough, arguing that closer energy cooperation could help reset relations between Washington and Caracas after years of political tension.

Venezuela expects huge investment boost

Venezuela’s interim president, Delcy Rodriguez, confirmed the agreement and said it could play an important role in the country’s economic recovery.

According to Rodriguez, the arrangement covers the development of 17 strategic oil fields with a combined proven potential of 65 billion barrels.

She said the projects could attract more than $100 billion in investment and generate over $209 billion in tax revenue for Venezuela.

The expected investment would be directed toward developing Venezuela’s oil-producing capacity, which has suffered from years of underinvestment, deteriorating infrastructure and declining production.

The agreement therefore represents not only a major energy development but also a potentially significant source of revenue for the Venezuelan government.

US Secretary of State Marco Rubio also welcomed the agreement, describing it as a major success for both countries.

“This deal is a huge win for both the American and Venezuelan people,” Rubio said.

He linked the agreement directly to the Trump administration’s “America First” foreign policy, arguing that it would provide the United States with access to stable, lower-cost oil supplies while potentially helping to reduce gasoline prices for American consumers.

Rubio said the arrangement could bring close to $100 billion in private investment into Venezuela, create thousands of jobs and contribute to rebuilding the country’s weakened economy.

The administration has increasingly focused on energy security as global oil markets face supply disruptions and price pressures.

Venezuela holds world’s largest oil reserves

Venezuela sits on the world’s largest proven crude oil reserves, estimated at roughly 303 billion barrels.

Despite that enormous resource base, the country has struggled to convert its reserves into sustained production.

Years of inadequate investment, sanctions, operational difficulties and deteriorating oil infrastructure have severely constrained the capacity of Venezuela’s petroleum industry.

The new agreement, if implemented as described by the US and Venezuelan governments, could therefore have significant implications for global energy markets.

For Washington, greater access to Venezuelan crude could provide another source of supply at a time when the Trump administration is seeking to increase domestic energy availability and lower fuel costs.

For Caracas, the prospect of tens of billions of dollars in private investment and increased oil-sector activity could provide much-needed revenue and support for an economy heavily dependent on petroleum.

A new chapter in US-Venezuela relations?

Beyond its potential impact on oil markets, the agreement signals a dramatic change in the relationship between Washington and Caracas.

The United States and Venezuela have endured years of strained relations, with disagreements over politics, sanctions and the management of Venezuela’s vast oil industry.

Trump’s announcement suggests that energy cooperation could now become a central pillar of a new relationship between the two countries.

The scale of the claimed deal, however, means its implementation, investment commitments and the precise ownership and control arrangements will likely attract close scrutiny in the coming months.

If the figures announced by Trump and Rodriguez translate into actual investment and increased production, the agreement could reshape Venezuela’s oil industry while giving the United States greater access to one of the world’s largest petroleum reserves.