President Trump announced a sweeping agreement with Venezuela granting the United States majority control over more than 65 billion barrels of the country’s proven oil reserves, a move he says will lower U.S. gas prices and reduce reliance on Middle‑East supplies amid the Iran conflict.
The deal was secured by Secretary of State Marco Rubio and Secretary of War Pete Hegseth, working with interim President Delcy Rodríguez, and involves a private operator receiving 100‑year development rights. It covers 17 fields, promises $100 billion in investment and $209 billion in tax revenue for Caracas, and gives the U.S. a 55 % effective stake in the new venture.
Trump framed the transaction as “the biggest oil deal in world history,” predicting it will ease domestic fuel costs, while analysts caution that Venezuelan output will not surge quickly because rebuilding infrastructure requires years and billions of dollars. The announcement follows a six‑month Iran war that has cut Strait of Hormuz traffic, keeping U.S. gasoline at $4.09 a gallon, up from $3.21 a year ago.
Sources differ on the scope: one report cites the full 65 billion barrels, while another describes the agreement as giving the U.S. control of roughly a fifth of Venezuela’s total reserves, leaving the exact volume uncertain.