On Friday, U.S. President Donald Trump announced what he called the “biggest oil deal in world history,” saying a new agreement with Venezuela will give American interests majority control of more than 65 billion barrels of proven Venezuelan oil reserves and boost U.S. energy supplies. Trump posted on Truth Social that, “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… have secured majority US control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer.”
According to the announcement, the deal was struck through a partnership involving Venezuela’s interim government and private companies. Venezuelan interim President Delcy Rodriguez welcomed the agreement, saying it would bring large investments to rebuild and upgrade oil infrastructure, increase production and generate substantial revenue for the treasury.
Rodriguez said the plan targets development of 17 key oil fields with roughly 65 billion barrels in proven reserves. The projects were described as expected to attract more than $100 billion in investment and to yield over $209 billion in tax revenue for Venezuela, while creating jobs and raising incomes.
A White House official told reporters the arrangement would give the United States an effective 55% share of output from a new private joint venture, which the official said could become the world’s second-largest private oil company by reserves. The official added that Venezuela had granted 100-year concessions to the private operator and that the venture would be run jointly by the U.S. government and a private company. The U.S. government has “secured more than half the value” of the new company through an ownership stake and guaranteed at-cost purchases, the official said, as reported by CNN.
The administration said oil from the venture would be used to replenish the U.S. Strategic Petroleum Reserve and to meet the energy needs of the American military. Trump also claimed the deal would “MORE THAN DOUBLE” U.S. oil reserves and eventually help lower gasoline prices for American consumers.
Officials framed the timing as strategically important because a six-month U.S. war with Iran has disrupted flows through the Strait of Hormuz, a key global energy chokepoint. Before the conflict, about 20% of global energy supplies transited the strait; Reuters recently reported that on one day only seven commodity ships crossed the waterway, underscoring Washington’s search for alternative sources and Venezuela’s growing importance.
The announcement follows dramatic political changes in Caracas earlier this year: U.S. forces entered Venezuela on January 3 and captured then-President Nicolás Maduro, who was taken to the United States to face federal charges alleging involvement in narco-terrorism and cocaine-trafficking, according to the account in this report. Maduro’s removal left a power vacuum; his former vice president, Delcy Rodriguez, was sworn in as interim president on January 5. Trump initially warned Rodriguez she could face consequences if she did not cooperate with Washington.
Original Source: https://www.hindustantimes.com/world-news/trump-venezuela-oil-deal-united-states-biggest-deal-in-history-65-billion-barrels-101787963714354.html
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Publish Date: 2026-08-29 06:06:00
