US Secures Control of 65 Billion Barrels of Venezuela's Oil Reserves

The United States has finalized an agreement with Venezuela to secure control over 65 billion barrels of the country’s proven oil reserves, President Donald Trump announced on social media Monday. The deal marks the largest transfer of foreign oil reserves to U.S. oversight in decades, according to U.S. officials.

"This historic transaction more than doubles American oil reserves, greatly increases our oil supply, and will substantially lower gas prices for all Americans," Trump stated in a post. The agreement follows the January 3 U.S. special forces operation that resulted in the capture of Venezuelan President Nicolás Maduro.

Venezuela’s interim President, Delcy Rodríguez, described the deal as a pivotal step toward reviving her nation’s economy. In a statement, she said the agreement would unlock nearly $100 billion in private investment, create thousands of high-paying jobs, and generate over $209 billion in tax revenue for Venezuela. The plan includes developing 17 strategic oil fields and a $100 billion investment to modernize the country’s energy infrastructure.

Secretary of State Marco Rubio called the agreement a "huge win for both the American and Venezuelan people." He emphasized its potential to stabilize regional energy markets and support economic recovery in Venezuela. Defense Secretary Pete Hegseth, along with Rubio, negotiated the deal with Venezuelan leadership in partnership with private businesses, according to Trump.

While few details have been disclosed, U.S. officials stated that Washington will retain 55% control of a joint venture with an "experienced private operator" in Venezuela. The venture has been granted a 100-year concession to operate the oil fields. The agreement does not involve U.S. taxpayer funding, Trump claimed.

The deal’s structure appears broader than previous U.S. interventions in foreign oil sectors, such as the Coalition Provisional Authority’s oversight of Iraq’s oil revenues after the 2003 invasion. However, legal and constitutional challenges in Venezuela remain uncertain, as the full text of the agreement has not been made public.

Venezuela holds the world’s largest proven oil reserves at approximately 303 billion barrels. However, production has declined sharply since the late 1990s due to economic mismanagement and international sanctions. Trump has urged U.S. oil firms to invest at least $100 billion to restore Venezuela’s oil industry, asserting that the country had previously "unilaterally seized and sold American oil assets."

The announcement comes as the Trump administration faces domestic pressure to address rising gasoline prices, exacerbated by geopolitical tensions in the Middle East. While the deal’s long-term implications remain unclear, it represents a significant shift in U.S. energy policy and its approach to Venezuela’s resource-rich economy.