The United States has announced an agreement with Venezuela that would grant American control over approximately 65 billion barrels of proven oil reserves, with President Trump characterizing the arrangement as the largest oil transaction in history.
President Donald Trump announced through Truth Social that the United States has secured majority control of more than 65 billion barrels of Venezuela's proven oil reserves through an agreement brokered by Secretary of State Marco Rubio and other officials working with Venezuelan interim President Delcy Rodriguez. According to Trump's statement, the arrangement was achieved at no cost to American taxpayers and represents what he described as a historic transaction that would more than double US oil reserves.
The deal follows weeks of negotiations aimed at granting American companies long-term access to Venezuelan oilfields and ensuring a steady supply of crude to the United States. Venezuelan officials anticipate signing formal agreements within the coming week that would provide new oil exploration and production rights to multiple companies, with particular emphasis on US firms. The Venezuelan government has indicated the arrangement is expected to generate approximately $209 billion for the nation's treasury.
However, the agreement faces potential obstacles. Reuters reported that the arrangement under consideration involves a lease model in which fields would potentially be auctioned to US producers. Sources have indicated that such arrangements could encounter legal and constitutional challenges within Venezuela, where state control over core oil industry activities remains constitutionally protected. The specifics of how these constitutional issues will be resolved remain unclear as the formal agreements prepare for signature.
