At a Glance:

• Donald Trump announced an agreement giving the U.S. majority control of over 65 billion barrels of Venezuelan proven oil reserves.
• The deal establishes a new private joint venture operating 17 key oil fields with 100-year development rights granted by Interim President Delcy Rodríguez.
• The White House expects the venture to attract over $100 billion in private investment for Venezuela while providing low-cost crude to replenish the U.S. Strategic Petroleum Reserve.

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U.S. President Donald Trump announced that the United States has secured majority control over 65 billion barrels of Venezuelan oil reserves in what he labeled "the biggest oil deal in world history." Brokered by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and Venezuelan Interim President Delcy Rodríguez, the arrangement establishes a corporate framework intended to expand U.S. energy reserves and lower domestic fuel prices.

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Key Statements:

"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." — Donald J. Trump, U.S. President.

"Venezuela is thus ushering in a new era of recovery, growth, production, security, and prosperity for our people." — Delcy Rodríguez, Interim President of Venezuela.

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Structure of the Energy Venture

Under the negotiated terms, Venezuela's interim government granted 100-year development concessions across 17 oil fields to a newly formed private entity. White House officials confirmed the U.S. government holds an effective 55% stake in output through equity ownership and guaranteed at-cost oil purchases. Venezuelan officials project the deal will generate more than $209 billion in state tax revenues while drawing roughly $100 billion in private capital to overhaul the country's dilapidated oil infrastructure.

Strategic Pressures and Domestic Context

The agreement follows months of diplomatic reordering in Caracas following the capture of former President Nicolás Maduro by U.S. forces. Washington has faced mounting pressure to address domestic energy supplies and high gasoline prices, exacerbated by ongoing disruptions from the six-month conflict in Iran and a decline in the U.S. Strategic Petroleum Reserve below 300 million barrels.

FYI

While the administration frames the transaction as a historic win for U.S. energy dominance and Venezuelan economic recovery, energy analysts emphasize that legal questions, constitutional hurdles in Venezuela, and the immense capital required to restore production mean any tangible impact on global gas prices could take years to materialize.

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