Trump says US secured control of 65B barrels of Venezuelan oil

President Donald Trump announced Friday evening that the United States has entered into what he called "the biggest oil deal in world history" with Venezuela, claiming majority U.S. control of more than 65 billion barrels of proven oil reserves through a partnership with private businesses.

"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," Trump wrote on Truth Social.nbcnews+1

Deal Details Remain Sparse

The White House has not released the agreement or explained which companies are participating, how "control" is defined, or the financial terms of the arrangement. Reuters reported that the deal represents about a fifth of Venezuela's total proven reserves and comes after weeks of negotiations over long-term access to Venezuelan oilfields for American companies.businessinsider+1

Sources previously told Reuters that a lease model was under consideration, with fields potentially auctioned to U.S. producers. Bloomberg reported the lease could last as long as 100 years, covering as many as 17 fields across Venezuela's main petroleum-producing basins. Axios reported on Thursday that discussions involved more than a dozen productive oil fields holding roughly 90 billion barrels of proven reserves, many previously controlled by former Venezuelan insiders and Chinese interests.reuters+2

Secretary of State Rubio called the deal "a huge win for both the American and Venezuelan people," saying it would bring "nearly $100 billion in private investment" and "thousands of high-paying jobs" to Venezuela.cnn+1

Political and Legal Context

The announcement comes as the Trump administration faces pressure ahead of November midterm elections over rising gasoline prices driven by the six-month-old war with Iran, which has disrupted energy shipments through the Strait of Hormuz. The U.S. Strategic Petroleum Reserve has fallen below 300 million barrels, down more than 100 million since January.scrippsnews+2

The deal follows the U.S. military's January capture of Venezuelan President Nicolás Maduro on federal narcoterrorism charges. Since then, the interim government led by Delcy Rodríguez has overhauled Venezuela's hydrocarbon laws, slashing royalties and taxes and opening operations to foreign companies.venezuelanalysis+1

Venezuela holds the world's largest proven crude oil reserves at roughly 303 billion barrels, according to the U.S. Energy Information Administration, but produces only about 1.25 million barrels per day after years of underinvestment and mismanagement. The arrangement could face legal and constitutional challenges in Venezuela, where the constitution establishes mineral and hydrocarbon resources as "inalienable public domain" goods.reuters+2