Note: Single-source report; awaiting corroboration.
The Trump administration secured a deal granting the U.S. majority control over more than 65 billion barrels of proven oil reserves in Venezuela, significantly increasing America's territorial oil reserves beyond the existing 46 billion barrels.
Signed by Secretary of State Marco Rubio and Secretary of War Pete Hegseth, the agreement gives the U.S. government governance rights, economic ownership, and guaranteed low-cost off-take from a new private Venezuelan oil company, which is expected to become the world’s second-largest private oil company by reserves.
This deal aims to boost Venezuelan oil output processed in U.S. refineries using American infrastructure, promising significant investment in the U.S. energy sector and the creation of thousands of domestic jobs.
The administration stated that many of the incremental oil fields included in this agreement were previously operated by Russian, Chinese, or Maduro- and Chavez-affiliated entities, who allegedly failed to invest in infrastructure and exploited Venezuela’s resources for adversaries such as Cuba, Russia, and China.
According to the statement, this agreement aligns with the Trump administration’s broader strategy for Venezuela, encompassing stabilization, reconstruction, and democratic transition efforts, and reflects an attempt to reassert U.S. influence in the region while excluding foreign malign actors.
The administration emphasized that this deal is with a private company rather than Venezuela’s interim government and did not involve political negotiations.