The United States has reached a historic agreement with Venezuela to gain control over more than 65 billion barrels of its proven crude reserves, President Donald Trump announced. In a public statement, Trump declared that the pact will multiply American oil reserves several times over and “significantly lower gas prices for all Americans.”
Venezuela’s acting president, Delcy Rodríguez—who previously served as Nicolas Maduro’s vice president—welcomed the deal as a vital catalyst for the nation’s economic recovery. Rodríguez stated that the 25-year bilateral energy pact aims to boost Venezuelan crude output to 1.5 million barrels per day while safeguarding national sovereignty over natural resources.
Under the framework, the U.S. government will maintain a 55% controlling stake in a joint venture alongside an “experienced private operator in Venezuela,” a U.S. official told local media. U.S. Secretary of State Marco Rubio hailed the agreement as “a massive victory for both the American people and the people of Venezuela.” Rubio noted: “For the Venezuelan people, this agreement will bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela’s economy.”
Venezuela holds the world’s largest proven oil reserves, estimated at approximately 303 billion barrels. However, domestic output plummeted sharply from its late-1990s peak, driven largely by infrastructure collapse and stringent U.S. sanctions targeting the regime’s primary economic lifeline. Energy analysts note that Venezuela’s reserves consist primarily of heavy, sour crude, which requires more complex refining compared to the light, sweet crude predominantly produced domestically in the U.S. for motor vehicle gasoline.