Trump announces US gains control of major share of Venezuela's oil reserves

U.S. President Donald Trump announced on Friday that the United States has secured a controlling stake in approximately 20% of Venezuela's extensive oil reserves through a partnership with private companies. The unprecedented American effort aims to gain a majority control of over 65 billion barrels of Venezuela's proven oil reserves, according to Reuters.

Trump, speaking through his social media platform Truth Social, did not disclose specific details of the agreement but confirmed that the deal was secured under his direction by Secretary of State Marco Rubio and Secretary of Defense Pete Hegseth. Rubio and Hegseth collaborated closely with Venezuela's interim president, Delcy Rodriguez, and private sector partners to achieve this majority stake.

Rubio praised the agreement, stating it would ensure the U.S. a stable and low-cost oil supply, potentially lower gasoline prices, and generate nearly $100 billion in private investment. He also noted it would result in thousands of job opportunities and help revive Venezuela's struggling economy.

Rodriguez, Venezuela's interim president, welcomed the deal, saying it would significantly increase oil production by developing 17 strategic fields, generating over $209 billion in tax revenues for the country. She emphasized that the investments would contribute to the recovery and modernization of the nation's oil industry, enhance energy security in the Western Hemisphere, and promote greater balance in international markets.