Trump Announces US Control Over Major Portion of Venezuela Oil Reserves

US President Donald Trump announced on August 28 that his administration has reached an agreement with Venezuela to give American interests majority control over more than 65 billion barrels of the country's proven oil reserves.

The deal, which Trump described as the 'biggest oil deal in world history,' would involve a partnership between US companies and Venezuelan Interim President Delcy Rodríguez's government to develop 17 oil fields with a combined proven potential of about 65 billion barrels.

Trump said the arrangement would come at no cost to American taxpayers, but important details about the structure of the agreement remain unclear. The proposed partnership is expected to attract approximately $100 billion in private investment and generate more than $209 billion in tax revenue for Venezuela.

Venezuela possesses the world's largest proven crude oil reserves, estimated at roughly 303 billion barrels. Despite its enormous petroleum resources, years of political instability, sanctions, underinvestment, and deteriorating infrastructure have contributed to a sharp decline in the country's ability to produce and export oil.