The President of the United States, Donald Trump, announced on Friday a historic oil agreement with Venezuela through which Washington would have obtained majority control over more than 65 billion barrels of proven Venezuelan crude oil reserves, an operation that the president described as the “largest oil agreement in world history”.
Trump communicated the understanding via Truth Social and stated that the operation “more than doubles” U.S. oil reserves, will significantly increase the country's energy supply, and will help reduce gasoline prices for American consumers over the coming years.
The statement from Donald Trump on Truth Social
According to the president, the agreement was reached under his direction by Secretary of State Marco Rubio and Secretary of War Pete Hegseth, who worked alongside Venezuelan interim president Delcy Rodríguez and representatives from the private sector.
“They have secured majority control for the United States over more than 65 billion barrels of proven oil reserves in Venezuela, at no cost to the American taxpayer,” Trump stated.
Hours later, Rubio expanded on the understanding and described it as an important victory for both the United States and Venezuela. The Secretary of State asserted that the pact represents a new outcome of the “America First” foreign policy promoted by Trump, by ensuring stable energy reserves and low-cost oil within the American continent.
In addition to the impact on U.S. supply, Rubio claimed that the agreement will have direct consequences for the Venezuelan economy. He anticipated that the operation will mobilize nearly USD 100 billion in private investments, support thousands of well-paying jobs, and contribute to the reconstruction of the South American country's economy.
For Washington, the understanding also represents a considerable expansion of its influence over one of the largest energy reservoirs on the planet. Venezuela has approximately 303 billion barrels of proven oil reserves, the largest in the world.
Marco Rubio's post about it on X.
The announcement also marks a new chapter in the relationship between the two countries. The Trump administration seeks to turn Venezuelan energy resources into a stable supply source for the United States and, at the same time, promote a recovery of the oil infrastructure through private capital.
However, the complete documents of the agreement have not yet been publicly released. It has also not been specified which companies will participate, which oil fields will be involved, or under what legal mechanism the so-called “majority control” will be exercised.
Trump presented the pact as a strategic victory for the energy security of the United States, while Rubio also focused on its potential to attract investments, generate jobs, and reactivate the deteriorated Venezuelan economy.
