Trump Claims US to Take Control of Fifth of Venezuela's Oil Reserves

U.S. President Donald Trump has announced what he describes as a "historic" oil agreement with Venezuela, which he claims will more than double American oil reserves. According to Trump's statement on Truth Social, the deal grants the United States majority control over 65 billion barrels of Venezuela's proven oil reserves.

This amount represents roughly one-fifth of Venezuela's total proven oil reserves, according to Reuters. Trump asserted that the agreement would not incur costs for American taxpayers and would lead to lower gasoline prices. He credited Secretary of State Marco Rubio and Secretary of War Pete Hegseth for negotiating the deal in collaboration with Venezuela's interim president, Delcy Rodríguez, and private companies.

The announcement comes amidst pressure on the Trump administration regarding rising gasoline prices ahead of the November midterm elections. Additionally, oil shipments from the Persian Gulf have significantly decreased following the U.S. and Israel's war against Iran, which had previously accounted for about 20 percent of global oil transit through the Strait of Hormuz.

This development follows the U.S. apprehension and ousting of former Venezuelan President Nicolás Maduro in January. Since then, the U.S. has sought to secure a stable supply of crude oil for its refineries. The agreement signifies a shift in U.S.-Venezuelan relations, moving towards a more cooperative stance after a period of confrontation.