WASHINGTON: The US-Venezuela oil deal announced by President Donald Trump would give the United States majority control over more than 65 billion barrels of proven Venezuelan reserves, Trump said Friday.
Trump announced the agreement on Truth Social at 6:47 p.m. EDT on August 28. He called it the “biggest oil deal in world history” and said private businesses would participate without direct cost to US taxpayers.
Trump said Secretary of State Marco Rubio and Pete Hegseth worked with Venezuelan interim President Delcy Rodríguez on the agreement.
However, he did not disclose how the United States would exercise majority control or identify all participating companies.
In Caracas, Rodríguez said the deal covers 17 strategic oil fields with potential reserves of 65 billion barrels. She said private investment would exceed $100 billion and could generate about $209 billion in tax revenue for Venezuela.
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The fields are located in the Orinoco Belt and Lake Maracaibo regions, according to a list reviewed by Reuters. Venezuelan officials are also preparing agreements granting new exploration and production rights, particularly to US companies.
Rubio said the agreement would provide the United States with stable, lower-cost oil supplies while supporting Venezuela’s economic recovery. Trump also said the added supply would reduce US gasoline prices.
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However, Reuters reported that analysts want more details on the legal and financial structure before assessing the deal’s impact.
Venezuela’s heavy-crude infrastructure requires major investment, meaning substantial production gains and any resulting effect on fuel prices could take years.
