United States Secures Control over Venezuela’s Oil Reserves

President Donald Trump announced a significant agreement between the United States and Venezuela on Friday. The deal involves the U.S. taking control over Venezuela’s oil reserves, which hold approximately 65 billion barrels. Trump declared this development on Truth Social, stating, “The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!” He emphasized the role of Secretary of State Marco Rubio and Secretary of War Pete Hegseth in facilitating this agreement with Venezuela’s Interim President Delcy Rodriguez.

According to Trump, this transaction will result in the U.S. controlling substantial oil reserves at no extra cost to American taxpayers. His statement also noted that this deal doubles American oil reserves. Venezuela possesses some of the largest oil reserves globally, accounting for approximately 17% of the world’s oil supply.

In a related event in January, the U.S. military conducted an operation to detain Venezuela’s President Nicolás Maduro. This was part of efforts to address charges of narcoterrorism and drug trafficking he faces in the U.S.

Amid rising gas prices and increasing political pressure with midterm elections approaching, this agreement marks a pivotal moment. The situation has been exacerbated by the conflict initiated by the U.S. and Israel with Iran six months ago.

Secretary of State Marco Rubio labelled the deal a “huge win” for both nations through a post on X. He praised the agreement as a result of President Trump’s America First approach, highlighting the promise of stable reserves and cheaper oil for the U.S. For Venezuela, this deal is anticipated to bring around $100 billion in private investments and create high-paying jobs, contributing significantly to rebuilding the nation’s economy.

Venezuela’s oil reserves stand at an estimated 303 billion barrels, according to the U.S. Energy Information Administration. This represents about 17% of the global supply. Unlike other regions where locating untapped oil is a challenge, Venezuela’s oil reserves are well-mapped. However, the country produces only about 1% of the world’s oil due to outdated infrastructure.