Trump announces US gains control of major share of Venezuela's oil reserves
Donald Trump says the US has secured a controlling stake in about 20% of Venezuela’s vast oil reserves through a new partnership with private firms.
Key Takeaways
AIUS President Donald Trump has announced an unprecedented American campaign to secure control over about 20 percent of Venezuela’s vast oil reserves.
Trump provided few details about the agreement, stating only that the United States had obtained a controlling majority stake in more than 65 billion barrels of Venezuela’s proven oil reserves through a partnership with the private sector, according to Reuters.
Writing on Truth Social, Trump said, “Under my direction, Secretary of State Marco Rubio and Secretary of Defense Pete Hegseth, working closely with Venezuela’s interim president Delcy Rodriguez and in partnership with private companies, have secured a controlling American majority in more than 65 billion barrels of Venezuela’s proven oil reserves, at no cost to American taxpayers.”
Venezuela’s interim president Delcy Rodriguez welcomed the agreement, saying it would boost the economy and government revenues.
The announcement follows weeks of negotiations between the United States and Venezuela over a deal that would grant American companies long-term access to a range of Venezuelan oil fields and ensure the resulting crude oil supplies are delivered to the US.
Venezuelan officials are preparing to sign agreements next week that will grant new oil exploration and production rights to several companies, particularly American firms.
Rubio described the agreement as a win for both countries, saying on X that it would guarantee the US a stable and low-cost oil supply and help lower gasoline prices.
For Venezuela, Rubio said the deal would bring nearly $100 billion in private investment, support thousands of high-paying jobs, and help rebuild the country’s economy.
Rodriguez said the agreement would allow for a significant increase in production by developing 17 strategic fields and would generate a total of $209 billion in tax revenues for the country.
In a statement, she said, “These investments will not only contribute to the recovery and modernization of our industry, but will also support our country’s economic growth, energy security in the Western Hemisphere, and greater balance in international markets.”