On Friday, President Donald Trump revealed that the United States and Venezuela have inked a deal he described as "the largest oil agreement in world history," granting Washington a majority stake in over 65 billion barrels of Venezuela's proven crude reserves without any cost to American taxpayers.
Trump made this announcement on his Truth Social platform, crediting Secretary of State Marco Rubio and Secretary of War Pete Hegseth for the negotiations. They worked closely with Venezuela's interim president, Delcy Rodríguez, and private sector partners to finalize the deal.
"Under my leadership, Secretary of State Marco Rubio and Secretary of War Pete Hegseth, in collaboration with the highly regarded interim president of Venezuela, Delcy Rodríguez, and through a partnership with the private sector, have secured U.S. majority control over more than 65 billion barrels of proven oil reserves in Venezuela, at no cost to American taxpayers," Trump stated.
The president claimed this transaction "more than doubles" the U.S. oil reserves, significantly boosting the nation's energy supply and promising a long-term reduction in gasoline prices for Americans.
Impact on Global Oil Reserves
The mentioned 65 billion barrels account for about 21% of Venezuela's total proven reserves, which amount to approximately 303 billion barrels—the world's largest—primarily concentrated in the Orinoco Belt.
A day prior, Reuters reported that Washington was close to finalizing a long-term lease agreement for access to Venezuelan reserves. The report identified 17 fields under negotiation, including areas in the Orinoco Belt and Lake Maracaibo, some of which are currently operated by a Chinese company under agreements made during Nicolás Maduro's presidency.
Potential Legal and Constitutional Challenges
The Washington Post highlighted potential legal and constitutional challenges the deal might face in both Venezuela and the United States. Described as "vast and potentially costly," the agreement could provoke significant scrutiny.
This deal concludes a process initiated after the capture of Maduro by U.S. forces on January 3, 2026. Since then, Washington has effectively controlled Venezuelan oil exports, with initial sales supervised by the U.S. reaching approximately $500 million in January, and by the end of February, the accumulated volume had reached $2 billion. Companies like Valero, Chevron, Shell, Vitol, and Trafigura are operating under special licenses.
Strengthening U.S.-Venezuela Relations
In January, Trump had previously announced that Venezuela would deliver between 30 to 50 million barrels at market price—a figure significantly lower than the reserves now claimed. Meanwhile, the Secretary of Energy projected in February that Venezuelan crude would generate $10 billion for the United States.
Delcy Rodríguez stated in May that Venezuela was set to become a major producer under the new arrangement. In July, Trump described the relationship with Caracas as "excellent," just weeks before this landmark agreement.
This Friday's announcement represents a qualitative leap from previous agreements: transitioning from managing sales and revenue flows to claiming majority control over specific reserves, with development spearheaded by American companies under a long-term leasing model.
"This transaction will greatly strengthen the already burgeoning relationship between Venezuela and the United States," Trump concluded in his post.
Key Questions About U.S.-Venezuela Oil Agreement
What is the significance of the oil agreement between the U.S. and Venezuela?
The agreement is significant as it grants the U.S. majority control over more than 65 billion barrels of Venezuela's proven crude reserves, potentially doubling U.S. oil reserves and reducing gasoline prices in the long term.
Who were the key figures involved in negotiating the oil deal?
Key figures in the negotiation included U.S. Secretary of State Marco Rubio, Secretary of War Pete Hegseth, and Venezuela's interim president, Delcy Rodríguez.
What challenges could the oil agreement face?
The agreement could face legal and constitutional challenges in both Venezuela and the United States, as noted by The Washington Post.