President Donald Trump announced a new agreement giving the United States control over roughly 65 billion barrels of Venezuela’s oil reserves, a move intended to boost U.S. fuel supplies and curb rising gasoline prices. The deal marks the first time Washington will hold majority stakes in the OPEC nation’s vast crude assets.
Trump said the arrangement was secured through Secretary of State Marco Rubio and Secretary of War Pete Hegseth, working with Venezuela’s interim president Delcy Rodriguez and private firms. No cost to American taxpayers was claimed, and Venezuelan officials are set to sign agreements next week granting U.S. companies exploration and production rights, possibly via a lease auction.
The administration says the pact will deliver stable, low‑cost oil to U.S. refineries and help lower petrol prices, while Venezuela expects about $100 billion in private investment, thousands of high‑paying jobs and an economic rebound. Analysts caution that the legal and financial structure remains unclear and that infrastructure development could take years, limiting short‑term price relief.
Legal experts note Venezuela’s constitution and new hydrocarbons law provide no clear precedent for a U.S. government lease of oil fields, raising questions about enforceability. Political uncertainty, an inadequate power grid, limited export capacity and discretionary government control are cited as persistent obstacles to large‑scale investment.