Trump: US Secures Majority Control of Venezuela Oil, Control of 65 Billion Barrels

President Donald Trump said the United States and Venezuela have reached a major oil agreement that would give Washington majority control over more than 65 billion barrels of Venezuela's proven oil reserves, in a deal he said would increase U.S. energy supplies and eventually lower gasoline prices.

Trump announced the agreement Friday night, describing it as a historic transaction secured through a partnership between the U.S. government and private business. He said Secretary of State Marco Rubio and Secretary of War Pete Hegseth worked with Venezuela's interim President Delcy Rodríguez to reach the deal.

“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 wrote on Truth Social.

He said the agreement would “MORE THAN DOUBLE” U.S. oil reserves, significantly increase supplies and “substantially lower Gas Prices for all Americans” over the long term. Trump also said the transaction would strengthen relations between the two countries and help put Venezuela on a path toward economic recovery.

The announcement comes as gasoline prices in the United States remain high. The national average was reported at more than per gallon, with the issue emerging as a major concern for voters ahead of the U.S. midterm elections. The ongoing war with Iran has disrupted a significant share of global oil supplies, while commercial inventories have fallen and the U.S. strategic petroleum reserve has declined to levels not seen since the early 1980s.

The White House said the agreement would give the United States 55% of the effective output of a new private joint venture that would rank among the world's largest private oil companies by reserves. According to a White House official, Rodríguez granted the private company 100-year concessions covering the oil fields.

The official said the venture would be a partnership between the U.S. government and a private Venezuelan operator. Washington would secure more than half the value of the new company through a combination of equity ownership and guaranteed purchases of oil at cost. As production expands, the resulting supply would be used in part to replenish the U.S. strategic petroleum reserve and meet the needs of the U.S. military.

Other details of the arrangement have not been disclosed. Trump did not identify the fields or companies involved or explain precisely how the United States would exercise majority control over the reserves.

Rodríguez confirmed the agreement and said it would involve the development of 17 strategic oil fields. She said the plan could attract more than 0 billion in investment and generate more than 9 billion in taxes for the Venezuelan state.

“Our goal is to move toward consolidating our position as an energy-producing power, putting our immense reserves at the service of national development, job creation, increased income for our workers, and the well-being of our people,” Rodríguez said.

The deal follows weeks of negotiations over long-term access for American companies to Venezuelan oil fields and arrangements to guarantee crude supplies to the United States. Venezuelan officials are expected to sign agreements granting new exploration and production rights to several companies, particularly U.S. firms.

Earlier reports indicated that a lease-based model was being considered, under which oil fields could be auctioned to American producers. Such an arrangement could face legal and constitutional challenges, however, because Venezuela's state retains control over key parts of the oil industry.

The agreement marks a major expansion of Washington's role in Venezuela's energy sector. The Trump administration has sought to revive the country's oil production while securing additional crude for U.S. refineries.

Venezuela has the world's largest proven oil reserves, estimated at around 300 billion barrels, but its production has fallen far below its potential following years of underinvestment, mismanagement and sanctions. The country is currently producing about 1.25 million barrels per day, according to the supplied reports.

Reviving production is expected to be a major challenge. Venezuela's oil infrastructure has deteriorated substantially and would require billions of dollars in investment to operate at a much higher level. Much of the country's crude is also particularly heavy, although U.S. refiners are equipped to process it.

At the same time, U.S. refineries have been operating close to maximum capacity, meaning they may not be able to absorb a major increase in Venezuelan crude immediately. Developing Venezuela's oil fields and moving additional production to the coast for export could take years.

Secretary of State Marco Rubio called the agreement “a huge win for both the American and Venezuelan people.” He said the deal would provide the United States with stable, low-cost oil while helping rebuild Venezuela's economy.

“For the Venezuelan people, this deal will bring nearly 0 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela's economy,” Rubio said.

The Trump administration has been pressing U.S. companies to return to Venezuela despite concerns over the country's deteriorated infrastructure and political uncertainty. Several independent oil companies signed contracts earlier this month to drill in Venezuela, although many have limited experience operating in an environment where the oil sector has suffered from years of declining investment.

Washington's involvement in Venezuela deepened dramatically at the beginning of the year, when U.S. forces carried out an operation that resulted in the capture of former President Nicolás Maduro and his transfer to New York to face criminal charges. Trump subsequently said American companies would help rebuild Venezuela's oil industry.

Venezuelan lawmakers also approved legislation in January, backed by Rodríguez, aimed at making it easier for foreign companies to participate in the country's oil sector. The Rodríguez government later introduced more favorable conditions for international oil companies as Washington continued pushing for greater U.S. involvement.

The economic potential of the agreement has been welcomed by some analysts, who argue that U.S. government backing could reduce the risks that have discouraged international companies from investing in Venezuela. They say greater certainty could encourage companies to commit capital to rebuilding production.

Others have questioned Trump's claim that the agreement will significantly reduce U.S. gasoline prices in the near term. The current price pressures are linked not only to crude oil supplies but also to the war with Iran, the war in Ukraine and limited global refining capacity. Bringing Venezuelan production back to scale would require substantial investment and time.

There are also concerns about the political consequences inside Venezuela. Critics argue that giving foreign companies extensive access to the country's enormous natural resources could generate public opposition, particularly in a country facing widespread economic hardship.

The agreement nevertheless represents a significant shift in the relationship between Washington and Caracas. Trump has repeatedly pushed for greater U.S. access to Venezuelan oil, while Rodríguez has sought foreign investment to revive an industry that remains central to the country's economic future.

Trump presented the agreement as a way to secure additional energy for the United States while helping Venezuela restore its oil sector.

“This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans, long into the future,” he said.