Trump Secures US Majority Control of Venezuelan Oil Reserves
US President Donald Trump announced an unprecedented deal to gain majority control of more than 65 billion barrels of Venezuela's proven oil reserves through a partnership with private companies. The agreement, reached after weeks of negotiations between Washington and Caracas, would give the US access to a significant share of Venezuela's vast oil reserves at no cost to American taxpayers.
According to Trump, Secretary of State Marco Rubio and Secretary of War Pete Hegseth worked with Venezuela's interim President Delcy Rodriguez and private businesses to secure the agreement. Venezuelan officials are preparing to sign agreements next week granting new oil exploration and production rights to several companies, particularly US firms.
The proposed deal would significantly expand the US role in Venezuela's energy sector as the Trump administration seeks to revive the country's oil production and secure additional crude supplies for US refineries. Rubio described the agreement as beneficial for both countries, saying it would provide the US with stable, low-cost oil and could help reduce gasoline prices.