Trump claims US will take control of 65bn barrels of Venezuelan oil

United States President Donald Trump announced on Friday that Washington is pursuing a significant push to assume control over approximately a fifth of Venezuela's extensive oil reserves, aiming to alleviate domestic energy concerns amid rising prices. In a post on his Truth Social platform, Trump claimed the "greatest oil deal in world history" would grant the U.S. authority over more than 65 billion barrels of crude oil.

He stated that the "historic transaction" is being coordinated by Secretary of State Marco Rubio, Secretary of Defense Pete Hegseth, and Venezuela's interim President Delcy Rodriguez "through a partnership with private business." Despite the lack of specifics regarding the involved oilfields, companies, or the mechanism of U.S. control, Reuters reported that the potential fields are located in the Orinoco Belt and Lake Maracaibo regions.

The agreement's legal and regulatory challenges, particularly in Venezuela, remain unclear. Venezuela possesses the world's largest proven crude oil reserves, totaling over 303 billion barrels, which constitute about 17 percent of global supply. Trump asserted that the deal would "more than double American oil reserves, greatly increase our oil supply, and significantly lower gas prices for all Americans, long into the future, while helping to continue to set Venezuela on a course towards tremendous success and great prosperity."

The reported agreement follows weeks of negotiations between Washington and Caracas over another deal providing American companies with long-term access to Venezuelan oilfields and a guaranteed crude supply to the U.S. Additionally, it comes after U.S. operatives detained former Venezuelan President Nicolas Maduro in January, a move the White House claimed would usher in a new political and economic era in South America.

At that time, Trump suggested that interim Venezuelan authorities would provide the U.S. with 30 million to 50 million barrels of "sanctioned" oil. Shortly after, Trump advocated for the world's largest oil companies to invest $100 billion in Venezuela.