WASHINGTON — President Donald Trump says the United States has secured majority control over more than 65 billion barrels of Venezuela’s proven oil reserves through a sweeping new partnership with the country’s interim government and private American businesses.
The oil is not being transferred to the United States, and America will not immediately receive 65 billion barrels. Venezuela will retain legal ownership of its natural resources, while American interests gain majority control over the development, production and commercial operation of oil fields containing those reserves.
That distinction matters—but so does the enormous scale of the agreement.
Sixty-five billion barrels would equal nearly nine years of total U.S. oil consumption at current levels. It also represents more proven oil than the United States currently holds within its own borders, giving American companies potential access to one of the largest concentrated pools of petroleum anywhere in the world.
Trump said the arrangement was negotiated by Secretary of State Marco Rubio and Secretary of War Pete Hegseth in cooperation with Venezuelan interim President Delcy Rodríguez. He described it as coming at no cost to American taxpayers because the investment and development work would be handled through private businesses.
Rodríguez said the energy agreement will remain in effect for 25 years and preserve Venezuela’s sovereignty over its resources. The plan covers the redevelopment of 17 strategic oil fields and eight additional blocks that have not yet been fully developed.
The initial target is to raise Venezuela’s production to 1.5 million barrels per day, compared with approximately 1.25 million today. That would still be far below the more than 3 million barrels Venezuela produced daily before years of political turmoil, mismanagement, sanctions and neglected infrastructure crippled its oil industry.
American companies would be expected to provide the capital, equipment and technical expertise needed to repair pipelines, reactivate wells and rebuild refineries and export facilities. Chevron, already the largest American oil company operating in Venezuela, is expected to play a significant role as additional companies negotiate exploration and production contracts.
For Trump, the deal is about far more than oil.
Bringing Venezuela’s energy sector into an American-controlled commercial system would weaken the influence China, Russia and Iran built there during years of hostility between Washington and Caracas. It could also redirect more Venezuelan crude toward American refineries, many of which were specifically designed to process the country’s heavy oil.
Over time, increased production could expand global supplies and place downward pressure on oil and gasoline prices. However, the effect will not be immediate. Venezuela’s infrastructure requires extensive repairs, and developing tens of billions of barrels will take decades and require enormous private investment.
The biggest unanswered question is what Trump means legally and financially by “majority U.S. control.” The complete agreement has not been publicly released, leaving unclear which companies will hold the rights, how profits will be divided, what authority Washington will exercise and what protections investors will receive if Venezuela’s political leadership changes.
The announcement therefore represents a potentially historic shift in global energy power—but the 65 billion barrels remain underground. The true value of the deal will depend on whether American companies can successfully extract, transport and sell that oil under terms strong enough to survive the next 25 years.
JBizNews Desk | Washington
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