The United States and Venezuela announced a deal giving Washington control over 65 billion barrels of Venezuelan crude, with President Donald Trump calling it the biggest oil deal in world history. The arrangement bears on US energy supply as the war in Iran enters a sixth month and gasoline prices climb.
The agreement follows the US military capture of Venezuelan President Nicolás Maduro in January and his transfer to face federal narcoterrorism and drug trafficking charges. Trump had argued that Venezuela's earlier nationalization of American oil assets constituted stolen US property, and floated the return of US companies to tap Venezuelan reserves in the weeks after Maduro's ouster.
Venezuela holds an estimated 303 billion barrels of crude underground, roughly 17% of world supply, but dilapidated infrastructure limits current production to about 1% of global output. The US Strategic Petroleum Reserve has fallen below 300 million barrels, down more than 100 million barrels since the start of 2026.
Critics described the deal as predatory, though the filings do not detail the contract structure, pricing terms, or timeline for production.