US Secures Major Control Over Venezuelan Oil Reserves Following Controversial Deal

The United States has announced that it has secured control of a substantial portion of Venezuela’s vast oil reserves, after President Donald Trump pledged to “take back” the South American country’s energy resources. On Friday, President Donald Trump announced that his government and that of Venezuela’s interim President Delcy Rodriguez had reached a deal to give the US majority control over more than 65 billion barrels’ worth of proven oil reserves.

Details remain unclear, but the agreement will involve 17 strategic oil fields in Venezuela. The US government has said it will partner with a private business to extract the fuel. “The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!” President Donald Trump wrote in a social media post celebrating the announcement.

The deal reportedly involves 65 billion barrels of Venezuelan oil reserves, which amounts to roughly a fifth of Venezuela’s proven oil reserves. As of 2023, the US government estimates that Venezuela has 303 billion barrels of oil reserves, representing the largest known deposit in the world. However, some analysts have questioned the accuracy of the 65-billion-barrel total announced by President Donald Trump.

Oil market researcher Rory Johnston noted that the figures lack immediate relevance as actual details remain mostly unknown. Meanwhile, President Donald Trump has argued that the arrangement will help restore declining US oil reserves and lower domestic fuel costs during the midterm elections, amid ongoing economic pressures intensified by the US-Israel war on Iran and the closure of the Strait of Hormuz.

The political landscape in Venezuela shifted dramatically following the actions authorized by President Donald Trump on January 3, which led to the imprisonment of former socialist President Nicolas Maduro. Following the intervention, President Donald Trump backed interim President Delcy Rodriguez, who has championed the deal as a historic opportunity to increase private investment and aid in the economic recovery of Venezuela.