The United States has reached an agreement with Caracas that President Donald Trump says gives Washington majority control of more than 65 billion barrels of Venezuela’s proven oil reserves. Trump said the deal could more than double American oil reserves and help lower gas prices. Venezuela expects the agreement to bring major investment and state revenue.
Trump announced the agreement on Truth Social after weeks of negotiations over long-term American access to Venezuelan oilfields. He said Marco Rubio and Pete Hegseth worked with interim President Delcy Rodriguez and private businesses to secure the arrangement.
The agreement would expand Washington’s role in Venezuela’s energy industry while directing more crude toward US refineries. Trump did not identify the fields, companies, or legal structure behind the majority-control arrangement.
Meanwhile, Venezuelan officials are preparing agreements that would grant new exploration and production rights to several companies, especially US firms. Sources cited in the original report said officials had considered a lease model for some fields.
Rodriguez welcomed the agreement and said Venezuela expects about USD 209 billion in state revenue. Rubio also said the deal could attract nearly USD 100 billion in private investment and support thousands of high-paying jobs.
Venezuela holds the world’s largest proven oil reserves, yet it produces about 1.25 million barrels per day. Years of underinvestment, mismanagement, and sanctions have kept production well below the country’s potential.
At the same time, the Trump administration wants more Venezuelan crude for American refineries. Rubio said the agreement would help secure stable, lower-cost oil supplies for the United States and support Venezuela’s economic rebuilding.
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The arrangement could still face legal and constitutional challenges inside Venezuela. The state retains control over core oil activities, while critics argue that the interim government lacks authority to transfer effective control over national resources.
Former minister Ricardo Hausmann called the proposed arrangement unconstitutional and questioned the legitimacy of the interim government and hydrocarbons law. Economist Francisco Rodriguez urged Venezuela’s national assembly to reject what he described as a predatory deal.
Journalist Luz Mely Reyes criticized the transfer of Venezuela’s natural resources, while analyst Gregory Brew expected suspicion toward any agreement giving Washington effective control. Can the arrangement survive those legal and political challenges while delivering the investment both governments expect?
The Venezuela oil deal could expand US access to more than 65 billion barrels of proven reserves while bringing billions of dollars into Venezuela. Still, major details remain undisclosed, including the participating companies, specific fields, and legal structure, while opponents continue to challenge the agreement’s constitutional basis.