Trump announces US deal for majority control of Venezuela's oil reserves
US President Donald Trump has announced a new oil agreement with Venezuela's interim president Delcy Rodríguez, giving the US majority control of 65 billion barrels of proven oil reserves. The deal was brokered through a partnership with private business by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth.
US President Donald Trump has announced a new oil agreement with Venezuela's interim president Delcy Rodríguez, saying the United States will have majority control of 65 billion barrels of proven oil reserves. The announcement, made on Friday via the president's social-media platform, marks a significant shift in the bilateral energy relationship between Washington and Caracas.
The agreement was brokered through a partnership with private business, according to Trump, with Secretary of State Marco Rubio and Defense Secretary Pete Hegseth leading the negotiations. The president framed the deal as a way to double US reserves and reduce gasoline prices, though the precise terms of the arrangement have not yet been disclosed.
The announcement comes as fuel costs have been rising in the United States, adding pressure on the administration to address energy affordability. Control of Venezuela's vast oil deposits, among the largest proven reserves in the world, would give Washington substantial leverage in global energy markets and reduce reliance on other foreign suppliers.
Venezuela's political situation remains fragile, with Rodríguez serving as interim president amid ongoing disputes over the country's leadership. The agreement signals a potential realignment of US policy toward the South American nation, which has faced years of international sanctions and economic collapse despite its abundant natural resources.
Analysts note that the deal's success will depend on the operational capacity of Venezuela's oil industry, which has deteriorated significantly under years of mismanagement and underinvestment. The country's refining infrastructure, including the Amuay refinery, its largest petroleum processing facility, would require substantial rehabilitation to restore production to levels capable of meeting the agreement's ambitions.
The agreement also raises questions about the legal and diplomatic framework governing foreign control of Venezuelan state assets, as well as the response from other international stakeholders with interests in the region. The Trump administration has not yet provided details on how the partnership with private business would be structured or what share of revenues would accrue to each side.
Gasoline prices in the US have been a politically sensitive issue, and the president's announcement appears designed to address voter concerns ahead of upcoming elections. Whether the deal can deliver tangible results at the pump in the near term remains uncertain, given the logistical and political hurdles involved in reviving Venezuelan oil production and export capacity.
