The agreement gives Washington majority control over 65 billion barrels months after US forces seized Nicolas Maduro
US President Donald Trump has claimed to have more than doubled America’s oil reserves through a sweeping agreement giving Washington majority control over more than 65 billion barrels of Venezuelan crude.
Secretary of State Marco Rubio and Secretary of War Pete Hegseth had worked with Venezuelan interim leader Delcy Rodriguez and private businesses to secure “majority US control” of the reserves “at no cost to the American Taxpayer,” Trump announced on Truth Social on Friday.
“The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!” the US president declared, claiming the transaction “MORE THAN DOUBLES American Oil Reserves.”
The latest US Energy Information Administration figures put American proved crude oil and lease condensate reserves at around 46 billion barrels. Adding another 65 billion barrels of Venezuelan oil would bring the total volume under some form of US control to more than 111 billion barrels, even though that crude would not technically become part of US domestic reserves.
Rubio touted the agreement as a “huge win,” saying it would bring nearly $100 billion in private investment to Venezuela, support thousands of jobs and help lower US gasoline prices.
Rodriguez later confirmed the deal, saying it covers 17 strategic oil fields with a proven potential of 65 billion barrels and envisages more than $100 billion in investment and over $209 billion in tax revenue for Venezuela. She said the fields would be developed with the participation of private operators, but the precise ownership structure remains unclear. Earlier reports suggested Washington had sought century-long development rights.
The deal represents the latest expansion of US control over Venezuela’s vast oil wealth following the January 3 military raid that captured Maduro and transported him to the US to face federal charges. After the operation, Trump declared that Washington would “run” Venezuela while overseeing a political transition and left open the possibility of further military action if the interim leadership failed to cooperate.
Washington subsequently moved to take “indefinite” control of Venezuelan oil sales and revenues, while Trump ordered proceeds from Venezuelan crude to be held in US Treasury accounts, subject to US restrictions.
The arrangement has drawn fierce criticism over Venezuelan sovereignty even from some pro-Western opposition voices. Ricardo Hausmann, a former Venezuelan planning minister, called the agreement “unconstitutional,” arguing that Rodriguez heads an illegitimate interim government with no authority to surrender long-term control over the country’s oil resources. Meanwhile, former vice president and veteran Chavista figure Elias Jaua recently accused Washington more broadly of stripping Venezuela of its sovereignty and taking control of its natural resources.
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