Trump announces US-Venezuela oil agreement, claims control of 65 billion barrels
President Trump announced a US-Venezuela oil agreement securing majority control of 65 billion barrels of reserves, aiming to double American oil reserves.
US President Donald Trump announced on Friday that Washington has entered into an oil agreement with Venezuela, a move that could significantly reshape American energy security. In a post on Truth Social, Trump stated that the deal, negotiated under his direction by Secretary of State Marco Rubio and Secretary of War Pete Hegseth, was concluded in partnership with Venezuela's interim president, Delcy Rodriguez, and private businesses.
The agreement reportedly secures majority US control of more than 65 billion barrels of proven oil reserves in Venezuela, at no direct cost to American taxpayers. Trump indicated the arrangement would more than double the United States' current oil reserves.
The announcement comes months after the US captured and removed former Venezuelan President Nicolas Maduro from power in January. Since then, Washington has sought to establish a stable supply of Venezuelan crude for American refineries while encouraging US investment in the OPEC nation's energy sector, which has deteriorated and currently produces around 1.25 million barrels per day.
The deal also arrives amid domestic political pressure on the administration ahead of midterm elections, with rising gasoline prices a key concern. Cheaper oil supplies and expanded output could help ease consumer costs. Additionally, the US has been exploring ways to replenish its Strategic Petroleum Reserve, including potential crude swaps with domestic producers.