President Donald Trump announced a significant agreement between the U.S. and Venezuela, granting the U.S. control over 65 billion barrels of Venezuela’s oil reserves. Trump described this as the largest oil deal in world history, emphasizing that it entails no cost to American taxpayers.
Trump revealed that the deal was achieved through the efforts of Secretary of State Marco Rubio and Secretary of War Pete Hegseth. They worked closely with Venezuela’s Interim President, Delcy Rodriguez, and partnered with private businesses to ensure U.S. control. Trump added that this acquisition more than doubles the American oil reserves.
Venezuela is known for having one of the largest oil reserves globally, accounting for approximately 17% of the world’s supply. The U.S. military conducted an operation in January to detain Venezuela’s President Nicolás Maduro for narcoterrorism and drug trafficking charges in the U.S.
With midterms approaching and gas prices rising due to ongoing conflict with Iran, Trump is under mounting pressure. Secretary of State Marco Rubio labeled the agreement as a major success for both nations. He highlighted that President Trump’s foreign policy secures stable reserves and low-cost oil for America, potentially lowering domestic gas prices.
Rubio also pointed out benefits for Venezuela, predicting $100 billion in private investment, thousands of jobs, and economic reconstruction efforts. With an estimated 303 billion barrels of crude oil, Venezuela’s reserves make up a significant portion of the global supply, though the country only produces about 1% of the world’s oil due to inadequate infrastructure.
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