U.S. Secures Majority Control of Venezuelan Oil Reserves

Vice President JD Vance announced on November 9, 2026, that the United States has secured majority control of more than 65 billion barrels of proven oil reserves in Venezuela, calling it the biggest oil deal in world history. Vance attributed the acquisition and record domestic energy production to the policies of President Donald Trump.

This development follows a significant shift in trade and policy after the capture of Venezuelan President Nicolas Maduro in January 2026. The U.S. government responded by rolling back sanctions on the state-owned oil company Petróleos de Venezuela SA and authorizing American companies to invest directly in Venezuela to expand extraction capacity. These actions followed a period of strict sanctions imposed in 2019, though Chevron had previously resumed joint venture exports in January 2023 via specific waivers.

Data from the U.S. Energy Information Administration shows that U.S. imports of Venezuelan crude reached a nine-year peak in July 2026, averaging 701,000 barrels per day. This surge established the United States as the primary destination for Venezuelan crude, as exports to China dropped to zero in 2026. The increase was driven by high global refinery margins and the specific configuration of U.S. Gulf Coast refineries to process heavy sour crude oil.