Trump Announces Deal Giving U.S. Access to 65 Billion Barrels of Venezuela’s Oil Reserves

WASHINGTON: U.S. President Donald Trump has announced a sweeping agreement with Venezuela that could give the United States access to and control over the development of 65 billion barrels of the South American country’s oil reserves.

Trump said the agreement was negotiated by U.S. Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Venezuela’s interim President Delcy Rodríguez. He described the arrangement as the “biggest oil deal in world history.”

Under the agreement, the United States would partner with an unnamed private operator to establish a new company responsible for developing 17 Venezuelan oil fields. The company would reportedly receive 100-year development rights, while the United States would have an effective 55% share of its output, including rights to purchase oil at cost.

The Venezuelan government said the development program could attract around $100 billion in investment and generate more than $209 billion in tax revenues for Caracas. Rodríguez said the agreement could play an important role in reviving Venezuela’s economy and oil industry.

The announcement comes as the Trump administration faces pressure to bring down high fuel prices in the United States. American strategic petroleum reserves have declined substantially during 2026, while disruptions to global energy supplies linked to the conflict involving Iran have contributed to concerns over oil availability and prices.

However, experts caution that the agreement is unlikely to result in an immediate increase in Venezuelan oil production. Years of underinvestment, deteriorating infrastructure and political uncertainty have significantly weakened the country’s energy sector, meaning substantial new production could require years and billions of dollars in investment.

Venezuela possesses an estimated 303 billion barrels of crude oil reserves, among the largest proven reserves in the world. Despite this vast resource base, the country currently produces only a small share of global oil output because of its aging infrastructure and other constraints.

The agreement marks a major shift in Venezuela’s oil policy following Rodríguez’s decision to open the country’s energy sector to greater private participation, reversing a longstanding policy of state dominance in the industry.

U.S. officials said oil purchased through the new arrangement would be used to replenish the American strategic petroleum reserve and for military requirements. The deal is being presented by the Trump administration as a means of attracting investment to Venezuela while strengthening U.S. energy security.