Trump Announces Deal to Control Venezuela's Oil Reserves

US President Donald Trump has announced an unprecedented deal to control over 65 billion barrels of Venezuela's proven oil reserves. The agreement, touted by Trump as 'the biggest oil deal in world history', would give American authorities majority control of a joint venture with a private operator in Venezuela's oil fields.

The US government will retain 55% control of the joint venture, while Venezuelan interim President Delcy Rodríguez hailed the deal as transformative for her nation's economy. The agreement covers the development of 17 strategic oil fields and calls for more than $100 billion in private investment and over $209 billion in taxes for Venezuela.

US Secretary of State Marco Rubio described the deal as 'a huge win for both the American and Venezuelan people', emphasizing that it would bring investment, create jobs, and support Venezuela's economic reconstruction. However, experts have raised questions about the deal's feasibility and legal foundation, with some warning that it may violate Venezuela's constitution or hydrocarbons law.

Oil and gas lawyer Alexander Kuiper expressed skepticism about whether the deal would drive material investment, citing Venezuela's political uncertainty, weak power grid, and limited export capacity as persistent obstacles. The Trump administration has asked US oil firms to invest at least $100 billion to restore the country's oil industry infrastructure.