The United States has reached a major oil agreement with Caracas that would give American interests control over part of Venezuela’s enormous crude reserves, President Donald Trump said, describing the deal as a step toward rebuilding the country’s struggling oil industry. Trump announced the agreement in a post on Truth Social, calling it a "historic transaction." He said the deal would more than double US oil reserves and could help bring down fuel prices for American consumers. According to Trump, Secretary of State Marco Rubio and Secretary of War Pete Hegseth worked with Venezuelan acting President Delcy Rodríguez and private companies to secure majority US control over more than 65 billion barrels of proven Venezuelan oil reserves.
Trump stressed that the arrangement would come at no cost to US taxpayers. Rodríguez, meanwhile, said the agreement would strengthen relations between Venezuela and the United States and create conditions for major new investment in Venezuela’s energy industry. The deal calls for the development of 17 strategic oil fields and includes more than $100 billion in investment.
The Venezuelan government expects the projects to generate more than $209 billion in tax revenues. Private operators are also expected to play a major role in expanding oil production. For Washington, the agreement represents a significant increase in its involvement in Venezuela’s energy sector.
The Trump administration is seeking to restore Venezuela’s oil production and secure additional supplies of crude for US refineries. Venezuela has the largest proven oil reserves in the world, estimated at around 303 billion barrels. Yet its production remains far below the levels the country could potentially achieve.
Output is currently around 1.25 million barrels per day, after years of underinvestment, poor management and the impact of sanctions. Rubio described the agreement on social media X as a "huge victory" for both Americans and Venezuelans. He said the deal would give the United States more stable access to affordable oil, while Venezuela could receive nearly $100 billion in private investment.
He also noted that the projects would create thousands of well-paid jobs and support the recovery of the Venezuelan economy. The fields included in the agreement are said to contain around 90 billion barrels of proven reserves. They had previously been controlled by members of Venezuela’s former elite, including people who had faced criminal charges.
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