President Donald Trump announced on Friday that the United States has finalized an agreement with Venezuela to secure control of 65 billion barrels of oil reserves, describing the deal as the largest oil transaction in world history. The agreement, negotiated by U.S. Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and Venezuela’s interim President Delcy Rodriguez, was confirmed in a social media post by Trump, who stated it would more than double American oil reserves and lower gas prices for U.S. consumers. The announcement follows nearly nine months after U.S. military forces captured Venezuelan leader Nicolás Maduro in January, removing him from power amid federal narcoterrorism and drug trafficking charges.
The deal comes at a time of heightened global oil market volatility, driven in part by ongoing conflicts involving Iran, which have persisted for six months with no resolution in sight. The U.S. Strategic Petroleum Reserve has also reached a 40-year low, with Department of Energy data showing reserves below 300 million barrels as of early August—a decline of more than 100 million barrels since the start of 2026. Trump emphasized that the agreement was secured at no cost to U.S. taxpayers and framed it as a strategic move to strengthen economic ties between the two nations.
According to reports, the agreement involves more than a dozen productive oil fields with proven reserves totaling 90 billion barrels, representing roughly a third of Venezuela’s total proven reserves of 300 billion barrels. Under the terms of the deal, private American oil companies would develop these fields, with a portion of the revenue returned to Venezuela. The Trump administration has actively encouraged U.S. firms to invest in Venezuela’s energy sector, though many remain cautious due to the country’s dilapidated infrastructure and ongoing political instability. Venezuela holds the world’s largest proven oil reserves, with an estimated 303 billion barrels of crude oil, accounting for approximately 17% of global supply. However, despite its vast reserves, Venezuela currently produces only about 1% of the world’s oil due to operational challenges.
The agreement has drawn attention to historical grievances between the U.S. and Venezuela, with Trump asserting that Venezuela’s nationalization of foreign-owned oil assets decades ago, including those of American companies, amounted to the theft of U.S. resources. The interim Venezuelan government, led by Rodriguez, has sought to attract foreign investment, particularly in the energy sector, under significant pressure from the U.S. to facilitate such deals. The Trump administration’s push for U.S. involvement in Venezuela’s oil industry follows the January military operation that removed Maduro from power, marking a pivotal shift in the country’s political and economic landscape.
While the specifics of the agreement remain limited, the announcement underscores the Trump administration’s efforts to address domestic energy concerns and geopolitical tensions through strategic resource acquisition. The deal’s long-term implications for U.S.-Venezuela relations, global oil markets, and domestic energy prices remain uncertain as further details are expected to emerge in the coming weeks.