US and Venezuela announce oil deal following Maduro's capture

President Donald Trump announced an agreement reached Friday night that gives the United States a stake in Venezuela's vast oil reserves, advancing his goal of securing energy resources from the country following the January capture of then-President Nicolás Maduro, who was taken in a nighttime raid by American forces and brought to New York to face federal drug trafficking charges.

Venezuela's interim leader, Delcy Rodríguez, described the arrangement as a step toward economic recovery that will modernize the nation's oil industry. In a televised address Sunday night, she insisted the country's sovereignty remains intact and expressed hope that Venezuela could become a global energy powerhouse.

Deal terms

The US government and an unnamed private operator in Venezuela have formed a new company holding rights to develop untapped oil fields. According to Rodríguez, the agreement covers 17 fields with proven potential of 65 billion barrels, and could attract $100 billion in investment while generating more than $209 billion in tax revenue for Caracas. Trump said the negotiations were led by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Rodríguez herself. Under the arrangement, the US will receive 55% of the new company's effective output, combining an ownership stake with rights to purchase oil at cost, destined for the Strategic Petroleum Reserve and military use.

Reactions

Some Venezuelans view the deal as a betrayal of the country's longstanding position that its resources belong solely to Venezuela. Harvard professor and former planning minister Ricardo Hausmann called it a shameful deal and questioned Rodríguez's authority to commit the country to it. Rodríguez pushed back, insisting Venezuela retains ownership and sovereignty over its resources, and said she hopes to reach further agreements with companies such as Chevron, Repsol and Shell.

Reactions on Capitol Hill split along party lines, with Republicans praising the deal and Democrats calling it corrupt and warning it wouldn't necessarily lower fuel prices for Americans.

Open questions

It remains unclear who will fund the required investments, who the private operator is, and exactly how the US stake in the company breaks down. Major American oil firms, including Chevron and Exxon Mobil, have declined to comment. Analysts caution about logistical obstacles and the possibility that Venezuela's reserves have been overstated.