Trump Secures Majority Control of 65 Billion Barrels of Venezuelan Oil

President Donald Trump announced a bilateral energy agreement with Venezuela on August 28, 2026, granting the United States majority control over more than 65 billion barrels of proven oil reserves. Described as the biggest oil deal in world history, the pact involves 100-year concessions for 17 strategic fields, primarily in the Orinoco Belt and Lake Maracaibo. The U.S. government will reportedly hold a 55% effective output stake, with oil provided at cost to refill the Strategic Petroleum Reserve and supply the U.S. military.

Negotiated by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth with interim President Delcy Rodríguez, the deal follows the January capture of former President Nicolás Maduro by U.S. forces. The U.S. will manage its stake through a 35% passive equity position in North American Blue Energy Partners, a private firm led by Alejandro Betancourt López. The Pentagon's Office of Strategic Capital will structure the investment using penny warrants to avoid taxpayer costs.

Interim President Rodríguez claims the project will attract $100 billion in private investment and generate over $200 billion in tax revenue to modernize Venezuela's economy. However, significant contradictions exist regarding the deal's duration, with Rodríguez citing a 25-year term while the Trump administration claims 100 years.

Critics, including U.S. Senator Chris Van Hollen and former PDVSA head Rafael Ramírez, have condemned the deal as a private oil grab and a form of colonialism. Industry analysts warn that Venezuela's dilapidated infrastructure means production increases will take years to materialize, providing little immediate relief for U.S. gasoline prices currently inflated by a six-month war with Iran.