President Donald Trump announced that the United States has gained majority control over a substantial segment of Venezuela’s oil reserves. On Friday, Trump stated that this development marks a significant agreement between the U.S. and Venezuela concerning oil exploration and extraction.
“The United States of America has entered into the largest oil deal in world history!” Trump exclaimed in a post on Truth Social. He highlighted that under his direction, Secretary of State Marco Rubio and Secretary of War Pete Hegseth worked alongside Interim President of Venezuela, Delcy Rodriguez, to establish the agreement. This partnership with private business has ensured U.S. dominance over more than 65 billion barrels of proven oil reserves in Venezuela without any burden on American taxpayers.
The figure of 65 billion barrels comprises roughly 21% of Venezuela’s total proven reserves, which amount to 303 billion barrels. An official confirmed via email to The Hill that Rodriguez authorized a private company, jointly owned by the U.S. government and a Venezuelan operator, to hold a 100-year concession for oil fields containing 63 billion barrels.
The unnamed private operator plays a key role in this venture. The U.S. government will possess over half of the value within this new oil company. The value splits between equity ownership and guaranteed oil offtake, with the U.S. securing 55% of the effective output. Consequently, the company becomes the second-largest holder of proven oil reserves worldwide, trailing only Saudi Aramco.
For more details, readers can refer to The Hill’s Energy & Environment newsletter, curated by Rachel Frazin, which offers insights into policies affecting oil, gas, and supply chains.
Additional Developments
President Trump recently commented on other essential topics. He mentioned nearly completed improvements to the Lincoln Memorial Reflecting Pool. Furthermore, Trump revealed plans for American-Venezuelan cooperation in extracting petroleum from Venezuela’s oil reserves, though challenges remain in making it operational.
Additionally, Trump warned of economic repercussions for communities resisting AI data centers. He also faced legal challenges relating to Freedom Fuel gas stations, which allegedly sold unpaid fuel supplied by a promoted provider.
Insights From Other Sources
- The Wall Street Journal explores Trump’s plan to involve the Pentagon in gaining stakes in Venezuela’s oil resources.
- The New York Times reports on the diminishing recovery timeframe for global coral reefs.
Two other notable stories currently draw attention: Chief Justice John Roberts’ decision on a Supreme Court case impacting the proposed White House ballroom, and President Trump’s declining approval rating in a recent poll amidst ongoing conflict with Iran.