Washington: US President Donald Trump announced that the United States has finalized an agreement with Venezuela to secure majority control of over 65 billion barrels of proven oil reserves. Trump revealed this development on his social media platform, Truth Social, describing it as the largest oil deal in world history.
According to Anadolu Agency, Trump credited Secretary of State Marco Rubio and Defense Secretary Pete Hegseth for their roles in negotiating the agreement alongside Venezuelan Acting President Delcy Rodriguez. Rodriguez stepped into the interim presidency in January following a US military operation that led to the capture of President Nicolas Maduro. Trump emphasized that the deal, achieved through collaboration with private industry, will not burden American taxpayers. He projected that the transaction will more than double existing US oil reserves and contribute to long-term reductions in gas prices for Americans. Additionally, he noted that the agreement will foster prosperity in Venezuela and strengthen ties between Washington and Caracas.
Secretary of State Marco Rubio hailed the agreement as a significant victory for both nations, predicting that it will attract nearly $100 billion in private investment to Venezuela. Acting President Delcy Rodriguez described the deal as a 'historic milestone' that will play a critical role in reviving the Venezuelan economy. She stated that the agreement, which involves developing 17 strategic fields with a potential yield of 65 billion barrels, will channel substantial capital into the recovery and reconstruction of the country's hydrocarbons industry. Rodriguez estimated an investment of over $100 billion and projected that the deal would generate more than $209 billion in tax revenue for Venezuela, enhancing energy security in the hemisphere and balancing international markets.
The Washington Post earlier reported that the US administration aims to secure a stake in 17 specific oil fields, many of which have suffered from neglect and require infrastructure improvements. The transfer of control over these resources to Washington might necessitate constitutional changes in Venezuela due to domestic opposition. Despite efforts to attract investment under the new regime, Venezuelan oil production has only increased by approximately 200,000 barrels per day over the past year, as noted by The Washington Post. US Energy Secretary Chris Wright is scheduled to visit Venezuela next week to further discussions.