US President Donald Trump announced on Saturday what he described as the “largest oil deal in world history,” claiming Washington had secured a controlling interest in more than 65 billion barrels of Venezuela’s proven crude reserves.
The agreement would give the United States effective control over roughly one-fifth of Venezuela’s vast oil wealth and dramatically expand the role of American companies in the OPEC member’s struggling energy sector.
Trump said the deal was negotiated under his direction by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, working with Venezuela’s interim President Delcy Rodríguez and private companies.
“Through a partnership with the private sector, they have successfully secured a controlling American majority interest in more than 65 billion barrels of Venezuela’s proven oil reserves, at no cost to the American taxpayer,” Trump wrote on his Truth Social platform.
Trump claimed the agreement would more than double US oil reserves, substantially increase available supplies and help reduce fuel prices for American consumers over the long term.
He also presented the deal as an economic lifeline for Venezuela, saying it would place the country “on a path toward tremendous success and great prosperity” while strengthening relations between Washington and Caracas.
However, Trump offered few details about the agreement’s structure, the oilfields covered, the companies involved or how the United States would exercise control over the reserves.
The announcement followed weeks of negotiations over a proposed arrangement granting US companies long-term access to Venezuelan oilfields and directing the resulting crude supplies to American refineries.
Sources previously told Reuters that officials had considered a leasing model under which Venezuelan fields could be offered to US producers through a bidding process. Such an arrangement could face legal and constitutional challenges because Venezuela’s state retains control over the oil industry’s principal activities.
If implemented, the deal would mark an unprecedented expansion of American involvement in Venezuela’s energy sector as the Trump administration seeks to revive the country’s declining production and secure additional crude supplies for US refiners.
Venezuela holds the world’s largest proven oil reserves but produces only around 1.25 million barrels per day, far below its potential following years of underinvestment, mismanagement and international sanctions.
Washington has sought to secure a stable flow of Venezuelan crude since the removal of former President Nicolás Maduro from power in January. The administration has also encouraged US investment to restore production capacity across Venezuela’s deteriorated oil industry.
Trump is under domestic pressure over elevated petrol prices ahead of the US congressional midterm elections later this year. An increase in Venezuelan production and access to cheaper crude could help ease prices at the pump.
The United States is also examining ways to replenish its Strategic Petroleum Reserve, including possible crude-oil exchanges with domestic producers.
Despite Trump’s sweeping claims, the absence of published contractual terms leaves major questions about the deal’s legality, financing and implementation unresolved.