U.S. Gains Control Over Venezuelan Oil Reserves

U.S. Secures Control Over Venezuela’s Oil

President Trump announced a significant oil agreement between the United States and Venezuela. This deal grants “majority U.S. control” of 65 billion barrels of Venezuela’s oil reserves.

According to a post on Truth Social, Trump stated that this unprecedented agreement, facilitated by Secretary of State Marco Rubio and Secretary of War Pete Hegseth, was achieved without imposing costs on U.S. taxpayers. The arrangement involves cooperation with interim Venezuelan President Delcy Rodriguez and private business partnerships.

Details of the Deal

A U.S. official disclosed that Rodriguez awarded concessions for oil fields containing 63 billion barrels of proven reserves to a joint venture between the U.S. government and a private operator in Venezuela. This venture spans 100 years. The private operator remains unnamed.

More than half of the venture’s value will belong to the U.S. government, divided between equity and guaranteed oil supply. The U.S. will receive 55 percent of the “effective output,” making this company the world’s second-largest in proven oil reserves, following Saudi Aramco.

Looking Ahead

This development has implications for the energy sector, with potential challenges in extracting the petroleum. The agreement reflects ongoing U.S. involvement in Venezuela’s oil industry.