Trump signs deal giving US control of most Venezuelan oil reserves
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President Donald Trump announced a deal giving the United States control over a large portion of Venezuela's oil reserves, estimated at more than 65 billion barrels. The agreement was negotiated with Venezuela's interim government led by Delcy Rodriguez. Trump said the deal would more than double U.S. oil reserves without spending taxpayer money.
Key Facts
- The deal covers a large portion of Venezuela's oil reserves, estimated at more than 65 billion barrels.
- The agreement was negotiated with Venezuela's interim government led by Delcy Rodriguez.
- Trump said the deal would more than double U.S. oil reserves without spending taxpayer money.
- Major U.S. private energy companies will invest billions of dollars in infrastructure development.
- Venezuela is considering leaving OPEC to maximize oil production without quota restrictions.
The Agreement
President Donald Trump officially announced the signing of a historic agreement that places a large portion of Venezuela's oil reserves under U.S. control. The deal was negotiated with Venezuela's interim government led by Delcy Rodriguez, following the removal of Nicolas Maduro by U.S. military forces in January 2026. Trump stated that the agreement would allow the United States to more than double its oil reserves without spending taxpayer money. Major U.S. private energy companies will invest billions of dollars in developing infrastructure that requires restoration.
Strategic Context
The U.S. Strategic Petroleum Reserve (SPR) is currently at its lowest level in 40 years. Wars in the Middle East involving Iran and in Ukraine have disrupted global supply stability and driven up fuel prices. Trump said on his Truth Social network that the move would significantly reduce gasoline prices for Americans in the future.
OPEC Exit Consideration
Under the new alliance, Venezuelan authorities have begun considering leaving OPEC to escape quota restrictions and maximize oil production.
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Trump signs deal giving US control of most Venezuelan oil reserves
