Trump Claims US-Venezuela Deal for Control of 65 Billion Barrel Oil Reserves
SCMP · 2 SOURCESabout 3 hours ago2 MIN
Summary
President Donald Trump announced 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. The deal, which Trump described on social media as "THE BIGGEST OIL DEAL IN WORLD HISTORY!" was negotiated by Secretary of State Marco Rubio, Defence Secretary Pete Hegseth and Venezuela's interim President Delcy Rodriguez. The announcement comes nearly nine months after the US military, at Trump's direction, carried out an operation to capture Venezuela's President Nicolas Maduro and bring him to the US to face federal narcotics and drug trafficking charges.
Key Points
- The agreement grants the US control over 65 billion barrels of Venezuela's estimated 303 billion barrel oil reserves, representing approximately 21% of the country's total
- Secretary of State Marco Rubio, Defence Secretary Pete Hegseth and Venezuela's interim President Delcy Rodriguez negotiated the deal
- The deal comes nearly nine months after a US operation in January that resulted in Maduro's removal and replacement by interim President Rodriguez
- Venezuela's oil infrastructure is severely deteriorated, limiting production to only about 1% of world output despite holding 17% of global reserves
- US strategic petroleum reserves fell below 300 million barrels in early August, down more than 100 million barrels since early 2026
Why It Matters
Trump faces mounting pressure to address high petrol prices as the Iran conflict reaches its six-month milestone with no resolution in sight. The deal could significantly reshape global energy dynamics while providing the US access to vast mapped oil reserves that require minimal exploration due to Venezuela's already surveyed deposits .
Trump faces mounting pressure to address high petrol prices as the Iran conflict reaches its six-month milestone with no resolution in sight. The deal could significantly reshape global energy dynamics while providing the US access to vast mapped oil reserves that require minimal exploration due to Venezuela's already surveyed deposits .