The US has agreed a deal with Venezuela under which it will control more than 65 billion barrels of the South American country’s proven oil reserves, President Donald Trump said. Trump said the agreement would “more than double” American oil reserves, increase the US supply, and help lower gas prices. He gave few operational details, while describing the arrangement as historic. Deal Arrives As US Presses On VenezuelaTrump said he intended to draw on Venezuela’s reserves, which are the largest in the world, after the US seized President Nicolás Maduro earlier this year. The president has also faced growing pressure to bring down domestic petrol prices, which rose during the period of tension linked to the Iran conflict. Venezuela’s interim President, Delcy Rodriguez, welcomed the agreement, saying it would support her country’s economic revival. Investment, Taxes And Partnership ClaimsSecretary of State Marco Rubio described the deal as a win for both the United States and Venezuelans. He said it would bring nearly $100 billion in private investment, support thousands of jobs and help reconstruct Venezuela’s economy, adding that Rubio’s remarks were also posted on social media. Trump said Rubio and Defence Secretary Pete Hegseth had reached the agreement with Venezuela’s leadership through a partnership with private business. He did not set out what specific commitments the US or private firms would make, but said the accord would be reached “at no cost to the American Taxpayer”. Rodriguez said the deal involves developing 17 strategic oil fields with proven potential of 65 billion barrels. She also cited plans for more than $100 billion in investment and more than $209 billion in taxes for the state. She said the investments would support the recovery and modernisation of the oil industry, boost economic growth, strengthen energy security in the hemisphere, and improve balance in international markets. US Control Of Joint Venture; Legal Issues UnclearUnder the arrangement, the US government will hold 55% control of a joint venture run through an “experienced private operator in Venezuela”, a US official told BBC media partner CBS News. Rodriguez granted the venture a 100-year concession to operate in the fields. Trump’s account of the agreement did not provide the full terms, and the deal’s structure has been described as unusual because it appears to give the US direct governance over access to a foreign state’s sovereign resources. The arrangement also appears broader than the US-led Coalition Provisional Authority’s oversight of Iraq’s oil revenues after Saddam Hussein was removed in 2003. It is unclear whether the Venezuelan deal could face legal and constitutional challenges in Venezuela. The official text of the agreement between Washington and Caracas has not been released. The announcement comes after Maduro and his wife, Cilia Flores, were seized in a US special forces operation authorised by Trump on 3 January. In the hours after the raid, Trump said the US would run Venezuela until a “safe, proper and judicious transition” could be established, adding that Washington would indefinitely control the sale of Venezuela’s oil. Venezuela has estimated proven reserves of about 303 billion barrels, although output has fallen sharply since its peak in the late 1990s. Trump has previously asked US oil firms to invest at least $100 billion to restore Venezuela’s industry, and he has said he has rights to the country’s oil after Venezuela “unilaterally seized and sold American oil, American assets and American platforms”, costing the US billions of dollars. Join the discussion? 29 August 2026
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