Trump announces US majority control of Venezuelan oil reserves

President Donald Trump announced an unprecedented U.S. initiative to gain majority control over a fifth of Venezuela's substantial oil reserves. The strategy hinges on American companies revitalizing the OPEC nation's struggling energy sector while simultaneously securing a new crude supply to reduce U.S. fuel costs.

Trump stated on Truth Social that Secretary of State Marco Rubio and Secretary of War Pete Hegseth, in collaboration with Venezuela's Interim President Delcy Rodriguez and private businesses, secured majority U.S. control of more than 65 billion barrels of proven oil reserves. He emphasized that this arrangement comes at no cost to the American taxpayer.

The announcement follows weeks of negotiations between the U.S. and Venezuela. The deal reportedly grants American companies long-term access to Venezuelan oil fields and guarantees crude supply to the United States. Venezuelan officials are expected to sign agreements next week, offering new exploration and production rights, particularly to U.S. firms. This move signifies a major expansion of U.S. involvement in Venezuela's oil industry, aligning with the Trump administration's goal to boost production and secure more crude for U.S. refineries.

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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.

Venezuela possesses the world's largest proven oil reserves but currently produces significantly less than its potential due to underinvestment and mismanagement. The specifics of the agreement, including the fields and companies involved, and how the U.S. will exercise majority control, remain undisclosed by Trump. Secretary of State Marco Rubio described the deal as mutually beneficial, projecting stable, low-cost oil for the U.S. and nearly $100 billion in private investment for Venezuela, creating jobs and aiding economic recovery.

Analysts, however, are reserving judgment pending further details on the agreement's legal and financial framework. They note that the potential for lowering gasoline prices in the short term is uncertain, as developing the necessary infrastructure for production, transport, and refining could take years. David Goldwyn, president of Goldwyn Global Strategies, indicated that more information is needed to assess the deal's viability.

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it would secure stable, low-cost oil for the United States and help lower gasoline prices. For Venezuela, the deal would ​bring nearly $100 billion in private investment, support thousands of high-paying jobs and help rebuild the country’s economy.