US and Venezuela agree deal over 65 billion barrels of oil reserves
The United States and Venezuela have reached an agreement that could give Washington control over more than 65 billion barrels of Venezuelan oil reserves. President Donald Trump called it the biggest oil deal in world history.
US President Donald Trump announced on Friday that Washington and Caracas had agreed terms on a major oil deal that could give the United States control over more than 65 billion barrels of Venezuela's oil reserves. Trump made the announcement in a post on Truth Social, describing it as the biggest oil deal in world history.
According to Trump, the agreement would more than double America's oil reserves, significantly boost the country's oil supply, and substantially lower gas prices for Americans. He also said the deal would help set Venezuela on a path toward greater prosperity.
Venezuela's acting president, Delcy Rodríguez, later confirmed the agreement in a social media statement, calling it historic. She said the deal covers the development of 17 strategic oil fields and could bring more than $100 billion in investment, along with more than $209 billion in tax revenue for the Venezuelan state. Venezuela holds the world's largest proven oil reserves.
Trump has long been open about wanting the US to secure access to Venezuelan oil and has repeatedly urged oil companies to invest in the country. Many firms, however, have remained cautious, citing concerns over ageing infrastructure and political uncertainty both in Venezuela and at home.
Officials hail the agreement
US Secretary of State Marco Rubio praised the deal on X as a major win for both the American and Venezuelan people. He said it showed how Trump's foreign policy was delivering results by securing stable, low-cost oil reserves in the Western Hemisphere while lowering gas prices in the US. Rubio added that for Venezuela, the deal would bring nearly $100 billion in private investment, support thousands of well-paid jobs, and help rebuild the country's economy.
Washington has closely monitored developments in Caracas since January, when US forces carried out an operation to capture former Venezuelan leader Nicolás Maduro. Following that operation, Trump pledged billions of dollars in investment for Venezuela and said American companies would help rebuild its oil industry.
