Trump Secures Majority Control Over Venezuelan Oil Reserves in Sweeping Deal

US President Donald Trump announced on Truth Social that his administration has reached an agreement with Venezuela to gain majority control over a joint venture holding rights to more than 65 billion barrels of the country's proven oil reserves.

The deal, negotiated by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, would give the US an effective 55% share of output from the newly formed private joint venture.

Rubio described the agreement as a 'huge win' for both countries, according to MS NOW. Venezuela's interim president Delcy Rodriguez granted the venture 100-year concessions covering oil fields containing the reserves in question.

The arrangement would mark one of the most consequential shifts in global oil market control in recent memory if the venture is implemented as described.