President Trump announced Friday that the United States has reached an agreement that he said will grant the U.S. "majority control" over 65 billion barrels of proven Venezuelan oil reserves. Trump said the deal involves a partnership with private businesses and was secured at no cost to American taxpayers.
The announcement follows a U.S. military operation earlier this year that resulted in the replacement of Venezuela's leadership. The Trump administration has since sought to encourage oil companies to return to the country. Secretary of State Marco Rubio and Secretary of War Pete Hegseth worked with Delcy Rodriguez, whom Trump identified as the "Interim President of Venezuela," to finalize the arrangement.
The 65 billion barrels cited in the agreement represent approximately 21 percent of Venezuela’s total proven reserves, which amount to 303 billion barrels. Specific details regarding which oil fields are included in the deal or which companies will manage drilling operations have not yet been released.
For the American energy sector, the deal marks a shift in operational control over foreign resources through private-public partnerships. However, because the administration has not yet identified which "private businesses" are participating, it is not yet known which specific U.S. companies will be involved.
What happens next remains dependent on the release of formal contract details. The administration has not provided dates for when drilling might begin or when the increased oil supply might reach U.S. markets.