Trump Announces US Majority Control of 65 Billion Barrels of Venezuelan Oil Reserves in Historic Deal

President Trump announced Friday that the United States has entered a major oil agreement with Venezuela, securing majority U.S. control over more than 65 billion barrels of proven oil reserves, which Trump described as the biggest oil deal in world history. The arrangement would more than double current U.S. oil reserves and is intended to increase long-term supply while lowering gasoline prices. Background reporting indicates the deal involves more than a dozen productive Venezuelan oil fields whose proven reserves were previously controlled by former Venezuelan insiders, some of whom face U.S. indictments, as well as interests formerly held by China.

In exchange for the U.S. ownership stake, Venezuela's government would benefit from private American companies developing the fields and returning oil revenue to the country. Talks were spearheaded by Secretary of State Marco Rubio and Venezuela's acting president Delcy Rodriguez, with Deputy White House Chief of Staff Stephen Miller also involved in negotiations. The agreement represents a major escalation of U.S. engagement in Venezuela's energy sector, which fell into disrepair under decades of socialist mismanagement, and fits into Trump's broader energy dominance agenda for the Western Hemisphere.