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- Caroline Mercer via Fortune | FORTUNE
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Trump says U.S. will control 65 billion barrels of Venezuelan oil reserves
ReTrump says U.S. will control 65 billion barrels of Venezuelan oil reserves
President Donald Trump announced an agreement with Venezuela that would give the United States control of 65 billion barrels of the country's oil reserves, a deal he described as the largest in world history.
President Donald Trump said Friday that the United States has entered into an agreement with Venezuela to take control of 65 billion barrels of the South American country's oil reserves. Trump announced the deal in a social media post, saying it was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Venezuela's interim President Delcy Rodriguez.
"The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!" Trump wrote. The announcement comes nearly nine months after the U.S. military, at Trump's direction, carried out an operation to capture Venezuela's president Nicolás Maduro and bring him to the United States to face federal narcoterrorism and drug trafficking charges.
The deal arrives as the Trump administration faces mounting pressure to address high gas prices, with the war in Iran reaching a six-month milestone and no conclusion in sight. The U.S. has been tapping its strategic petroleum reserves, which fell below 300 million barrels in early August, down by more than 100 million barrels since the start of 2026.
In the days following Maduro's ouster in January, Trump floated the idea of U.S. oil companies returning to Venezuela to tap its oil reserves. Trump has argued that Venezuela stole U.S. oil when former President Hugo Chavez moved decades ago to nationalize hundreds of foreign-owned assets, including those owned by American oil companies.
Venezuela holds one of the largest oil reserves in the world, with an estimated 303 billion barrels of crude oil in the ground, about 17 percent of the world's supply, according to the U.S. Energy Information Administration. Unlike other parts of the world where geologists must search for untapped oil, the reserves under Venezuela's soil are largely mapped and known, experts say.
However, because of dilapidated infrastructure, the country currently produces only about 1 percent of the world's oil. The agreement would give U.S. interests control over roughly one-fifth of Venezuela's proven reserves, a significant share of the country's total oil wealth.
The deal represents a major shift in U.S. energy policy and its relationship with Venezuela, which had been under heavy sanctions during Maduro's rule. The Trump administration has not yet released the full terms of the agreement, including how the reserves would be managed or what financial arrangements would be made with the interim Venezuelan government.
Critics have questioned the legal basis for the agreement, given that Venezuela's political situation remains unsettled following Maduro's removal. The interim government led by Rodriguez has been recognized by the United States but has not yet consolidated control over the country's institutions and oil industry.
The announcement also raises questions about how the deal would affect global oil markets and prices, particularly as the U.S. continues to draw down its strategic reserves. Energy analysts have noted that bringing Venezuelan oil production back to meaningful levels would require substantial investment in the country's deteriorating infrastructure, a process that could take years.
