Trump Announces US Move to Secure 65 Billion Barrels of Venezuelan Oil Reserves

US President Donald Trump announced that Washington is undertaking an unprecedented push to take control of approximately a fifth of Venezuela's vast oil reserves, asserting that the move will ease energy prices for Americans. Described on his Truth Social platform as the “biggest oil deal in world history,” the agreement would grant the US control over more than 65 billion barrels of crude.

According to Mr Trump, the transaction is being coordinated by Secretary of State Marco Rubio and Secretary of Defence Pete Hegseth alongside Venezuela's interim President Delcy Rodriguez through a partnership with private business. Specific details regarding the arrangement remain scarce, including the identities of the involved oilfields and companies or the methods the US will use to exercise control. Reuters has reported that the targeted fields are situated in the Orinoco Belt and Lake Maracaibo regions.

Questions persist regarding potential legal and regulatory hurdles, particularly within Venezuela, as neither Washington nor Caracas has issued an official statement confirming the announcement. Venezuela currently holds the world's largest proven crude oil reserves with over 303 billion barrels, making up about 17 per cent of global supply. Mr Trump argued that the pact would more than double American oil reserves, boost supply, lower gas prices, and help secure Venezuela's future prosperity.

Inflation and soaring gas prices—which have climbed by up to 50 per cent amid a war on Iran—have driven Mr Trump's approval ratings to historic lows and drawn consumer backlash. Mr Trump emphasized that the transaction will strengthen ties between Venezuela and the United States.

The announcement follows weeks of negotiations between Washington and Caracas concerning a separate deal to provide American companies with long-term access to Venezuelan oilfields and secure crude supplies for the US. Venezuelan officials are reportedly preparing to sign agreements next week granting exploration and production rights to US firms. These developments follow the capture of former Venezuelan President Nicolas Maduro by US operatives in January, an event the White House stated would usher in a new political and economic era for the nation. Previously, Mr Trump stated that interim Venezuelan authorities would hand over 30 million to 50 million barrels of sanctioned oil to the US, and subsequently urged major oil companies to invest $100 billion in Venezuela.