Trump Announces Energy Agreement Claiming US Control Over Venezuelan Oil Reserves

U.S. President Donald Trump announced on Friday that the United States has reached a new energy agreement with Venezuela's interim president, Delcy Rodríguez. According to Trump, the deal grants the U.S. "majority" control over 65 billion barrels of Venezuela's proven oil reserves at no expense to American taxpayers, effectively more than doubling U.S. oil reserves.

Details regarding the precise structure of the arrangement, the specific companies or oil fields involved, and the mechanisms by which the U.S. will execute majority control remain limited. Trump shared on social media that the deal was arranged through a partnership with private enterprise, spearheaded by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth. Rubio praised the agreement on social media, describing it as a major benefit for both nations.

Strategic Context and Oil Sector Impact

Venezuela holds the world's largest proven oil reserves, estimated at 303 billion barrels, with current production standing at 1.25 million barrels of crude per day. Following the removal and capture of former Venezuelan President Nicolás Maduro by U.S. forces in January, Washington has sought to guarantee a steady supply of crude oil for domestic refineries and facilitate American investment in Venezuela's energy sector.

The announcement arrives as the administration faces political pressure over rising domestic gasoline prices ahead of the November midterm elections. Washington has also been exploring options to restock its strategic petroleum reserve, including crude swaps with domestic producers. Furthermore, major U.S. energy firms, including Chevron, are anticipated to sign contracts next week to invest billions of dollars into Venezuelan oil fields.

Prior Negotiations and Venezuelan Reaction

Before the official announcement, reports from the Wall Street Journal and Axios indicated that the administration was conducting advanced negotiations to acquire direct stakes in over a dozen Venezuelan oilfields. These fields encompass roughly 90 billion barrels of proven reserves, representing nearly one-third of the nation's energy wealth.

The talks have sparked significant backlash and concern among members of the Venezuelan political opposition, who are already dissatisfied with the lack of broader democratic transition following Maduro's removal. An anonymous opposition figure sharply criticized the moves, characterizing the agreement as a land grab and questioning the current foreign policy approach of the U.S. administration.