Trump Secures Majority Control of Venezuelan Oil Reserves

President Donald Trump announced on Friday that the United States has secured majority control of more than 65 billion barrels of proven oil reserves in Venezuela. Described as the biggest oil deal in world history, the agreement aims to more than double U.S. oil reserves and lower domestic gasoline prices without costing taxpayers. The deal follows the removal of Nicolás Maduro from power in January.

Secretary of State Marco Rubio and Defense Secretary Pete Hegseth negotiated the agreement alongside Venezuelan interim President Delcy Rodríguez. The deal involves a partnership with private businesses and likely includes leases for approximately 17 oil fields across Lake Maracaibo and the Orinoco Belt. This move was made possible by a legislative overhaul by the Venezuelan National Assembly, which reversed previous nationalizations to grant foreign companies greater operational control.

The Trump administration is framing the acquisition as a critical measure for energy security given the volatility caused by the war in Iran. Marco Rubio characterized the agreement as an America First win that will bring nearly $100 billion in private investment to Venezuela and support thousands of jobs to reconstruct the Venezuelan economy.