President Trump announced Friday that the U.S. has struck a deal with Venezuela granting majority control over 65 billion barrels of oil reserves across 17 fields, more than doubling America's oil reserves. Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and Venezuela's acting President Delcy Rodriguez negotiated the agreement.
Under the deal, the U.S. government will control 55% of the joint venture, combining equity stakes with the ability to buy oil at cost, while a private joint venture receives a 100-year concession to operate the fields. Trump projected the pact could draw $100 billion in investment into Venezuela's oil sector and generate more than $209 billion in tax revenue for Caracas.
The agreement follows the January 2026 U.S. military operation that captured former Venezuelan President Nicolás Maduro. Venezuela holds roughly 303 billion barrels in proven reserves — about 17% of global supply — but years of infrastructure decay have left it producing only a fraction of that potential, and Trump faces domestic pressure over gas prices amid the ongoing Iran conflict.