Trump announces deal for majority U.S. control of 65 billion barrels of Venezuelan oil reserves

President Donald Trump announced on Friday an unprecedented U.S. push to take control of a fifth of Venezuela’s vast oil reserves, betting that American companies can revive the OPEC nation’s battered energy industry while delivering a new source of crude to help bring down U.S. gas prices.

Trump provided few details about the agreement, saying only that the United States had secured majority control of more than 65 billion barrels of Venezuela’s proven oil reserves through a partnership with private business. He wrote on Truth Social: “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.”

According to reports from RT, Trump described the transaction as “THE BIGGEST OIL DEAL IN WORLD HISTORY!” He also claimed it “MORE THAN DOUBLES American Oil Reserves,” would substantially increase supplies and eventually lower gasoline prices.

The latest U.S. Energy Information Administration figures put American proved crude oil and lease condensate reserves at around 46 billion barrels, RT reported. Adding the 65 billion barrels covered by the Venezuela deal would bring the total volume under some form of U.S. control to more than 111 billion barrels, though the Venezuelan crude would not technically become part of U.S. domestic reserves.

The announcement comes after weeks of U.S.-Venezuelan negotiations over a deal that would give American companies long-term access to a group of Venezuelan oilfields and guarantee the resulting crude supply to the United States, according to Reuters reports. Sources previously told Reuters that a lease model was under consideration, with fields potentially auctioned to U.S. producers, but the arrangement could face legal and constitutional challenges in Venezuela, where the state retains control over core oil industry activities.

RT reported that media reports earlier this week said Washington had been negotiating access to 17 Venezuelan fields containing roughly 90 billion barrels, potentially through century-long leases. Trump did not immediately disclose the agreement’s duration, which fields are covered, the precise ownership structure, or which private companies will participate.

The deal would represent a dramatic expansion of the U.S. role in Venezuela’s oil industry as the Trump administration seeks to revive the country’s deteriorated production and secure more crude for U.S. refineries. Venezuela holds the world’s largest proven oil reserves but produces only about 1.25 million barrels per day, far below its potential after years of underinvestment, mismanagement and sanctions.

Since the United States captured and removed former President Nicolás Maduro from power in January, Washington has been trying to secure a stable flow of Venezuelan crude for U.S. refineries while promoting American investment in the country’s oil industry, Reuters reported. RT noted that Washington already controls sales of Venezuelan crude and holds proceeds from them in U.S. Treasury accounts.

The Trump administration is under pressure ahead of midterm elections scheduled later this year over rising gasoline prices, which could be eased through cheaper oil supplies and expanded output. The United States also has been looking for solutions to replenish its Strategic Petroleum Reserve, the oil stockpile, including the possibility of crude swaps with U.S. producers.

Trump’s announcement provided few details on the structure of the agreement, the fields or companies involved, or how the United States would exercise majority control over the reserves. Both Reuters and RT noted the lack of specifics in the deal as announced.