Trump unveils Venezuela oil deal giving US majority control
Donald Trump says a US-Venezuela oil deal gives Washington majority control of more than 65 billion barrels of proven reserves and could cut US fuel prices.
- Donald Trump has announced an oil deal giving the US majority control over more than 65 billion barrels of Venezuela's proven reserves.
- The agreement is expected to significantly expand US oil supplies and lower petrol prices for American consumers, reportedly at no cost to the taxpayer.
- Venezuela anticipates gaining over US$209 billion in state revenue and attracting nearly US$100 billion in private investment to help rebuild its economy.
US President Donald Trump has announced what he described as a historic oil agreement with Venezuela that would give the United States majority control over more than 65 billion barrels of the South American country’s proven oil reserves.
In a post on Truth Social, Trump called it the “biggest oil deal in world history”, claiming the agreement would more than double American oil reserves, significantly expand US oil supplies and lead to substantially lower petrol prices for American consumers.
Trump credited Secretary of State Marco Rubio and Secretary of War Pete Hegseth with negotiating the agreement alongside Venezuela’s interim President Delcy Rodríguez and private-sector partners.
He maintained that the arrangement had secured majority US control over the reserves without imposing any cost on American taxpayers. “This Transaction will greatly strengthen the already growing relationship between Venezuela and the United States!” he added.
Venezuela expects US$209 billion in state revenue
Rodríguez welcomed the agreement, which Venezuela expects could generate more than US$209 billion, or about THB7 trillion, in state revenue. Venezuelan officials are also preparing to sign agreements next week granting new exploration and production rights to foreign companies, particularly US firms.
Rubio described the agreement on X as a “win-win” for both countries. He argued that it would provide the United States with stable, lower-cost energy while bringing nearly US$100 billion in private investment to Venezuela, supporting thousands of high-paying jobs and helping rebuild the country’s battered economy.
Despite those projections, Washington’s expanding role in Venezuela’s oil industry could face legal and constitutional challenges because the state continues to control core activities in the sector.
Venezuela holds the world’s largest proven oil reserves but currently produces only about 1.25 million barrels a day, well below its potential after years of underinvestment, mismanagement and sanctions.
