Trump announces new US oil agreement with Venezuela

US President Donald Trump announced a new oil agreement with Venezuela's interim leader, Delcy Rodríguez, on Friday. According to Trump, the United States will gain "majority" control of 65 billion barrels of Venezuela's proven oil reserves. The terms of the deal have yet to be disclosed, but Trump stated that it was brokered through a private business partnership involving Secretary of State Marco Rubio and Defense Secretary Pete Hegseth.

The administration claimed that the agreement would result in the US controlling more than 65 billion barrels of oil reserves at no cost to American taxpayers. Trump emphasized that the deal would significantly boost American oil reserves, more than doubling them. However, details regarding the specific fields, companies, or the method of exercising majority control over the reserves were not provided.

Venezuela possesses an estimated 303 billion barrels of proven oil reserves, the world's largest. Following former President Nicolás Maduro's removal from power in January, the United States has been striving to maintain a stable supply of Venezuelan crude oil for US refineries while encouraging American investment into the country's energy industry, which currently produces 1.25 million barrels per day.

With mounting pressure ahead of the November midterm elections over rising gasoline prices, the US is seeking solutions to replenish its strategic petroleum reserve, including potential crude swaps with US producers. The Wall Street Journal reported that the Trump administration had advanced talks with Venezuela regarding the US taking a direct stake in more than a dozen oilfields, which hold nearly one-third of the nation's vast energy reserves.

These discussions reportedly involved a significant US stake in Venezuela's most promising oil and gas fields, containing an estimated 90 billion barrels of proven reserves. This announcement has sparked discontent and anger among members of Venezuela's opposition, who are already frustrated with Trump's lack of progress in achieving genuine political change following the removal of Maduro.

One opposition figure described the deal as a "land grab" and criticized the US for its "rapacious, mafioso" approach, contrasting it with the Marshall Plan's intentions. The news of the agreement also coincides with Chevron and other US energy companies reportedly preparing to invest billions in Venezuela's oil fields next week.