US President Donald Trump has announced what he described as the “biggest oil deal in world history”, under which the United States will secure majority control over more than 65 billion barrels of Venezuela's proven crude oil reserves.
Trump stated, "At my direction, Secretary of State Marco Rubio, and Secretary of War Pete Hegseth, working closely with Highly Respected Interim President of Venezuela, Delcy Rodriguez, and, through a partnership with private business, have secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer."
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Trump said the deal was secured at no cost to US taxpayers and would more than double America's oil reserves. He also argued that increased access to Venezuelan crude would strengthen US energy supplies and could eventually help bring down domestic gasoline prices.
17 Oil Fields, $100 Billion Investment
The agreement covers the development of 17 major Venezuelan oil fields, containing around 65 billion barrels of proven reserves. The projects are expected to attract more than $100 billion in private investment and generate over $209 billion in tax revenue for Venezuela.
Rodriguez welcomed the agreement, saying it would provide substantial revenue and private investment to Venezuela and support efforts to rebuild the country's deteriorated infrastructure.
Strategic Importance for Washington
The agreement comes as disruptions to global oil supplies linked to the Strait of Hormuz have heightened concerns over energy security and increased the importance of alternative crude sources.
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Venezuela possesses the world's largest proven crude oil reserves, making its petroleum resources strategically significant for Washington. Trump said some of the oil could also be used to replenish the US Strategic Petroleum Reserve and meet military energy requirements.
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