President Donald Trump announced a new oil agreement with Venezuelan interim president Delcy Rodríguez on Friday, asserting that the United States has secured majority control of over 65 billion barrels of proven oil reserves at no cost to American taxpayers through a partnership with private business.
The Deal and the Reserves
According to the administration, the arrangement grants the United States majority oversight of more than 65 billion barrels of proven crude reserves, a volume that Trump said the agreement would more than double American oil reserves.
Venezuela holds an estimated 303bn barrels of proven oil reserves, giving the country the largest volume in the world. Since the removal of former Venezuelan president Nicolás Maduro from power in January, Washington has pursued a stable flow of Venezuelan crude for domestic refineries while attempting to spark American investment in the Opec nation’s deteriorated energy sector, which currently produces 1.25m barrels per day.
Official Statements and Architecture
The administration’s messaging emphasized that the arrangement bypassed traditional public expenditures. Secretary of State Marco Rubio and Defense Secretary Pete Hegseth brokered the arrangement alongside commercial partners.
Secretary of State Marco Rubio reinforced the message on social media, writing that the pact is a huge win for both the American and Venezuelan people
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Domestic Pressures and Prior Negotiations
The timing of the announcement coincides with intense political pressure on the White House ahead of November’s midterm elections. Rising gasoline prices have created significant political liabilities for the administration, prompting officials to seek cheaper foreign supply, expanded domestic output, and potential crude swaps to replenish the nation’s strategic petroleum reserve.
Reporting earlier in the week foreshadowed the announcement. The Wall Street Journal reported that the Trump administration was in advanced talks with Venezuela to take a direct stake in more than a dozen oilfields containing nearly one-third of the nation’s energy reserves. Axios also reported on the discussions, citing an official who characterized the prospective deal as massive.
Opposition Backlash and Skepticism
Despite the administration’s optimistic framing, the agreement drew sharp condemnation from Venezuelan opposition figures. Critics expressed deep frustration over what they view as a unilateral foreign takeover of national wealth rather than genuine democratic reform following the ouster of Maduro.
The anonymous opposition source described the action as revolting, adding that it reflected a rapacious approach unaligned with historical models of international assistance.
Corporate Involvement and Next Steps
Specific details regarding the mechanical structure of the agreement, the precise fields involved, and the enforcement mechanisms for US majority control remain opaque.
The announcement arrives as Chevron and other US energy companies are expected to sign a deal next week committing billions of dollars in new capital to Venezuela’s oil infrastructure.
