Trump announces US takeover of over 65 billion barrels of Venezuelan oil
US President Donald Trump said on Friday that the United States and Venezuela had reached an oil deal. "The United States of America has just signed an agreement with Venezuela on the BIGGEST OIL DEAL IN WORLD HISTORY!" Trump wrote on Truth Social. According to Trump, the United States, in partnership with private business, has secured a "controlling stake of more than 65 billion barrels of proven oil reserves in Venezuela at no cost to American taxpayers."
When military force and economic interest intertwine in a single deal, the world witnesses not just a commercial agreement but a geopolitical manoeuvre whose consequences will be felt for decades. Venezuela, which holds the world's largest proven oil reserves — about 303 billion barrels, or 17% of global reserves — found itself at the centre of a new great game after the change of power in January 2026. For Trump, facing a sharp rise in gasoline prices amid the war in Iran, access to Venezuelan oil became a strategic necessity. Yet behind the loud claims of a "historic deal" lie legal uncertainty, expert scepticism and questions about exactly how the US intends to manage another country's sovereign resources.
The deal "MORE THAN DOUBLES US oil reserves, significantly increases our oil supplies and will substantially lower gasoline prices for all Americans for years to come," Trump claimed. However, Trump provided no details of the agreement, and the White House issued no official statement confirming the terms. The same day, Bloomberg reported that the United States would gain a controlling stake in Venezuela's vast oil resources through an "unprecedented manoeuvre" that could be vulnerable to lawsuits and subject to political changes in both the United States and Venezuela.
The negotiations were conducted by Secretary of State Marco Rubio and Defence Secretary Pete Hegseth together with Venezuela's acting president, Delcy Rodríguez. The agreement provides for the development of 17 strategic oil fields and is set for 25 years. The US will receive 55% effective control over the joint venture, including an ownership stake and the right to purchase oil at cost. Rodríguez also granted the venture a 100 year concession to develop the fields. According to Rubio, the deal will attract about $100 billion in private investment to Venezuela and provide more than $209 billion in tax revenue. US oil prices have risen sharply since the war in Iran began in late February, raising concerns about inflation. Venezuela holds the world's largest proven oil reserves.
In January 2026, the US conducted a military operation in Venezuela, capturing then president Nicolás Maduro and bringing him to New York for trial on drug trafficking charges. After this, the country was led by Delcy Rodríguez, who had previously served as vice president. Trump has repeatedly stated that Venezuela "stole" US oil when former president Hugo Chávez nationalised foreign assets decades ago. However, analysts view the deal sceptically, pointing to the lack of precedent for the US government leasing oil fields in another country, as well as questions about its constitutionality in Venezuela. Some experts also doubt that the deal can overcome the long standing obstacles that have held back investment in Venezuela's oil industry.
As CCTV+ reports, Trump's announcement of the "biggest oil deal in history" marked another twist in the dramatic relationship between Washington and Caracas. However, the lack of official details and expert scepticism leave many questions about exactly how the US intends to implement control over Venezuelan oil and whether this deal can actually lower gasoline prices for Americans. In the coming months, the international community will closely monitor developments, as the outcome of this agreement will affect not only Venezuela's future but also the stability of global energy markets.
