US President Donald Trump has announced a major agreement involving Venezuela’s oil reserves. He said Washington would gain control over more than 65 billion barrels of proven reserves.
Trump described the arrangement as the “biggest oil deal in world history”. The announcement was made as his administration seeks to revive Venezuela’s struggling oil industry.
According to Trump, the agreement was negotiated by senior US officials. These included Secretary of State Marco Rubio and Secretary of War Pete Hegseth.
He said the talks also involved Venezuela’s interim President Delcy Rodríguez. Private companies were reportedly involved in the proposed arrangement as well.
However, details about the agreement’s legal structure and implementation remain important. The reported deal would significantly expand US involvement in Venezuela’s petroleum sector.
Trump Says Deal Will Cost US Taxpayers Nothing
Trump said the arrangement would not require money from American taxpayers. He said private companies would carry out the investment through partnerships.
According to Trump, the agreement could substantially increase America’s access to oil supplies. He also claimed it could eventually help reduce gasoline prices for American consumers.
The US president said the transaction would more than double American oil reserves. He also linked the agreement to Venezuela’s economic recovery.
However, the impact on US fuel prices will depend on several factors. These include production levels, investment, refining capacity and global oil market conditions.
Venezuela Holds the World’s Largest Proven Oil Reserves
Venezuela has the world’s largest proven crude oil reserves. Its reserves are estimated at roughly 303 billion barrels.
The reported agreement covers around 65 billion barrels. The reserves are spread across 17 oil fields, according to Associated Press reporting.
The scale of the figure makes the agreement particularly significant. The covered reserves represent a substantial portion of Venezuela’s overall proven oil resources.
Much of Venezuela’s crude is also particularly heavy. Producing and processing it requires specialised infrastructure and significant investment.
Trump Says US Secures Partial Control of Venezuela’s Vast Oil Reserves
American Companies Expected to Invest in Venezuela
Under the proposed arrangement, US companies are expected to play a major role. They would reportedly invest heavily in rebuilding Venezuela’s damaged oil infrastructure.
The plan could attract nearly $100 billion in energy-sector investment. Such investment could help restore production capacity across several oil fields.
Venezuela’s petroleum industry has suffered from years of economic problems and underinvestment. US sanctions have also affected the country’s oil sector and international trade.
Restoring production would therefore require major financial and technical resources. It would also take time to repair infrastructure and expand operational capacity.
Deal Could Bring Major Revenue to Venezuela
The proposed arrangement could provide Venezuela with substantial economic benefits. Higher oil production could generate significant government revenue if output is successfully restored.
For Washington, greater access to Venezuelan crude could strengthen energy ties within the Western Hemisphere. It could also increase the role of American companies in Venezuela’s oil industry.
Nevertheless, the agreement still faces practical and political questions. Its final terms, implementation process and production targets will determine its actual impact.
For now, Trump’s announcement marks a major development in US-Venezuela energy relations. The scale of the reported reserves makes the agreement particularly significant for global energy markets.
