Trump says U.S. to take control of 65B barrels of Venezuela oil reserves in new deal

President Donald Trump said Friday that his administration has entered a sweeping agreement with Venezuela that, if realized, could give the U.S. access to vast amounts of the South American country’s untapped oil reserves, at cost.

Trump in a social media post announcing the agreement said it was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Venezuela’s acting President Delcy Rodríguez.

“The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!” Trump wrote.

Rodríguez’s government in a statement said the deal involves the development of 17 fields with a proven potential of 65 billion barrels. It said the agreement could draw US$100 billion in investment into Venezuela’s oil industry and yield over $209 billion in taxes for Caracas.

The agreement allows for the United States to partner with an unnamed private operator in Venezuela to create a new private company to take hold of the reserves, according to a U.S. official familiar with the contours of the deal.

The official, who was not authorized to comment publicly and spoke on the condition of anonymity, added that Rodríguez granted the company 100-year rights to develop the oil fields.

The deal gives the United States 55 per cent effective output of the new private company — including an ownership stake and rights to buy oil at cost. The company would be the second largest corporate holder of proven reserves after Saudi Aramco, according to the official.

The announcement comes nearly nine months after the U.S. military at Trump’s direction carried out an operation to capture Venezuela’s then-President Nicolás Maduro and spirit him to the United States to face federal narcoterrorism and drug trafficking charges.

Trump faces mounting pressure to address high gas prices as the war in Iran on Friday reached a six-month milestone with no conclusion in sight. The U.S. has tapped its strategic petroleum reserves, which in early August fell below 300 million barrels, down by more than 100 million barrels since the start of 2026.

The U.S.-Israel war against Iran has led to a dramatic slowdown of Gulf oil moving through the Strait of Hormuz, which about 20 per cent of the world petroleum passed through prior to the conflict.

The average price of gas in the U.S. stood at about US$4.09 a gallon on Friday, according to AAA. The average price was $3.21 at the same time last year.

A significant drop in U.S. gas prices tied to the agreement should not be expected immediately. Experts have repeatedly warned that a substantial boost in Venezuelan oil production will not happen quickly as repairing and expanding infrastructure takes years and requires billions of dollars.

Persuading big American oil companies to return the region could face headwinds given the political uncertainty and decades of badly damaged infrastructure.

Days after the ouster of Maduro, Trump gathered oil executives at the White House and called on them to rush back into Venezuela. Executives expressed interest in the opportunity but there was also a measure of caution given their past experience in the country.