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Trump announces US deal for majority control of Venezuela oil reserves
The administration says the arrangement would secure majority US control of more than 65 billion barrels of proven reserves without cost to American taxpayers, while Washington seeks steadier crude supply for US refineries.
US President Donald Trump announced a new US oil agreement with Venezuela’s interim president, Delcy Rodríguez, saying the US will have majority control of more than 65 billion barrels of proven oil reserves, though the terms remain unclear. The announcement credited a partnership with private business, brokered through US Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, without specifying which fields, companies, or mechanisms would be used.
The Guardian Business reports that Venezuela holds an estimated 303 billion barrels of proven oil reserves, the world’s largest, while the country’s oil sector produces about 1.25 million barrels per day of crude. The article says the US focus includes securing a stable flow of Venezuelan crude for American refineries and encouraging US investment in Venezuela’s deteriorated energy industry.
The report links the move to broader US energy objectives ahead of November’s midterm elections, when rising gasoline prices could be eased by cheaper oil supplies and expanded output. It also notes Washington is exploring ways to replenish the strategic petroleum reserve, including possible crude swaps with US producers.
Earlier reporting cited in the article said the Trump administration was in advanced talks over a US stake in multiple Venezuelan oilfields, with one account describing the proposal as potentially massive and focused on fields said to hold a large share of the country’s energy reserves.
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