Trump Announces Historic US-Venezuela Oil Deal: 65 Billion Barrels Under American Control

POLICY WIRE — Washington, USA — President Donald Trump declared on Friday that the United States has secured an agreement with Venezuela to oversee 65 billion barrels of the nation’s oil reserves.

In a social media announcement, Trump revealed that the agreement was brokered by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and Venezuela’s interim President Delcy Rodriguez.

Trump expressed enthusiasm about the deal, stating it marks the largest oil agreement in global history. The Venezuelan government has yet to comment on the announcement.

This deal follows a U.S. military operation nearly nine months ago, directed by Trump, to apprehend Venezuela’s President Nicolás Maduro and bring him to the U.S. to face charges related to narcoterrorism and drug trafficking.

The announcement comes as Trump confronts increasing pressure to tackle rising gas prices in the U.S., exacerbated by the ongoing conflict with Iran, now in its sixth month with no resolution in sight. The U.S. strategic petroleum reserves have dipped below 300 million barrels, a decrease of over 100 million barrels since the beginning of 2026.

The conflict with Iran has significantly reduced the flow of Gulf oil through the Strait of Hormuz, a critical passage for about 20% of the world’s petroleum prior to the hostilities.

On Friday, the average price of gasoline in the U.S. was approximately $4.09 per gallon, compared to $3.21 per gallon at the same time last year, according to AAA.

Trump suggested in his social media post that the Venezuela deal is part of a private sector partnership. The White House has not provided details on the private partners involved or the specifics of the arrangement.

Re-engaging major American oil companies in Venezuela may be challenging due to the country’s severely damaged infrastructure. Following Maduro’s removal, Trump urged oil executives to re-enter Venezuela, though they expressed caution due to past negative experiences.

Darren Woods, CEO of ExxonMobil, described Venezuela as “un-investable” at the time. However, Trump maintains that his administration has stabilized the country.

Trump has accused Venezuela of stealing U.S. oil when former President Hugo Chavez nationalized foreign-owned assets, including those of American oil companies. Rodriguez has since signed a law to privatize the nation’s oil sector, reversing a long-standing socialist policy.

Rubio stated on social media that the agreement will attract $100 billion in private investment to Venezuela and lower gas prices in the U.S.

Venezuela holds one of the world’s largest oil reserves, estimated at 303 billion barrels, representing about 17% of the global supply. Despite this, the country produces only about 1% of the world’s oil due to its outdated infrastructure.

Reporting by Policy-Wire (PW)