U.S. President Donald Trump announced a “massive deal” with Caracas that would give the United States access to more than 65 billion barrels of Venezuela’s oil reserves, in a move that further strengthens ties with the Latin American country following the ouster of former leftist President Nicolas Maduro.
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Trump said in a post on Truth Social that Secretary of State Marco Rubio and Secretary of Defense Pete Hegseth had successfully negotiated what he described as “the biggest deal in the world” with Venezuela’s interim President Delcy Rodriguez, Maduro’s former vice president and former oil minister.
According to Trump, the “historic deal” is expected to double U.S. oil reserves, increase oil supplies and significantly lower gasoline prices for Americans over the long term.
Venezuela has the world’s largest proven crude oil reserves, estimated at around 303 billion barrels, compared with approximately 268 billion barrels in Saudi Arabia and 208 billion barrels in Iran.
U.S. news outlet Axios previously reported that discussions covered oil fields holding around 90 billion barrels in proven reserves, rather than Venezuela’s entire proven reserves of roughly 300 billion barrels.
The report quoted a U.S. official as saying the administration was aware of concerns that Venezuela’s interim government could be accused of giving away the country’s natural resources to the United States. The official said an “extraordinary effort” was being made to demonstrate how the arrangement would benefit the Venezuelan people.
Trump said the agreement would help keep Venezuela on a path toward “tremendous success and great prosperity” and would significantly strengthen the already growing relationship between Venezuela and the United States.
For her part, interim Venezuelan President Delcy Rodriguez said the “historic agreement” with the United States would have a major impact on the country’s revival and help attract investment to rebuild Venezuela’s strategic infrastructure.
Regarding the agreement’s details, the Financial Times reported, citing a source close to the Venezuelan government, that it establishes an operational management framework covering between 17 and 21 oil fields.
The newspaper also quoted a White House official as saying a joint venture involving the U.S. government and a private operator with experience in Venezuela would receive 100-year concessions for oil fields with combined proven reserves of 63 billion barrels.
The official said the United States would receive a 55% share of the joint venture’s actual production, with the venture expected to become the world’s second-largest private oil company by reserves.
Al Jazeera’s Washington correspondent Mohamed Al-Madhoun said the announcement came at an opportune time for Trump, amid rising gasoline prices that were expected to reach record levels in August due to tensions in the Middle East and the war in Iran.
The deal is also significant because it could help the United States push China out of Venezuela’s oil sector and advance a broader geopolitical realignment in the region that Trump has pursued since the beginning of his second term, according to Al-Madhoun.
The negotiations reportedly covered 17 oil fields, some of them newly developed, with combined reserves equivalent to around 90 billion barrels.
Washington currently holds its strongest influence in Venezuela since Maduro was removed from power, arrested and transferred to the United States in January.
Previous reports about the deal had angered Venezuela’s opposition, which was already frustrated that U.S. intervention had not produced meaningful political change following Maduro’s fall.
Former Venezuelan minister and opposition supporter Ricardo Hausmann described the transitional government as “illegitimate” and said it lacked the authority to conclude such an agreement, warning that the deal would be a “failure” for all parties.
Economist Francisco Rodriguez also called on the National Assembly to reject what he described as a “predatory deal,” arguing that handing Venezuela’s oil wealth to the United States would violate the constitution and fail to serve the interests of the Venezuelan people, particularly if it were carried out under pressure.
Source: Al Jazeera + U.S. media
