Trump Announces U.S. Majority Control of Venezuela Oil Reserves in Landmark Energy Deal

U.S. President Donald Trump has announced a major agreement with Venezuela that would give the United States majority control of more than 65 billion barrels of Venezuela’s proven oil reserves, marking a significant shift in the country’s energy sector and U.S.-Venezuela economic relations.

Trump provided limited details about the structure of the agreement but said the deal would be carried out through partnerships with private businesses. The initiative is aimed at reviving Venezuela’s struggling oil industry while increasing access to crude for U.S. markets.

The agreement involves the development of 17 strategic oil fields, including major areas in the Orinoco Belt and around Lake Maracaibo. The plan is expected to attract substantial private investment into Venezuela’s energy infrastructure, which has suffered from years of underinvestment and declining production.

Venezuelan interim President Delcy Rodriguez welcomed the agreement, saying it could bring around $100 billion in investment and generate significant government revenue. The deal is also expected to create jobs and help rebuild Venezuela’s petroleum industry.

For Washington, the agreement could provide a new source of crude oil and potentially help reduce fuel costs in the United States. The administration is also seeking to rebuild the U.S. Strategic Petroleum Reserve and strengthen domestic energy security.

However, significant questions remain over the financial and legal details of the agreement. Venezuela’s oil sector has traditionally been dominated by state control, and experts have warned that infrastructure problems, political uncertainty and legal challenges could complicate efforts to rapidly increase production.

The announcement comes as global oil markets remain sensitive to geopolitical developments and supply concerns. On Friday, Brent crude settled at $89.31 a barrel, while U.S. West Texas Intermediate crude closed at $83.40.

If implemented, the agreement could reshape Venezuela’s oil industry and significantly deepen U.S. influence over one of the world’s largest petroleum reserves. Its long-term economic impact, however, will depend on how quickly investment reaches the fields and whether the agreement can overcome Venezuela’s legal, political and infrastructure challenges.