Trump says US is taking partial control of Venezuela's vast oil reserves

President Donald Trump announced on Friday that the United States has secured majority control of over 65 billion barrels of Venezuela's proven oil reserves through a partnership with private business. The deal, which has not been fully detailed yet, aims to revive Venezuela's energy industry and secure a new source of crude to help lower US fuel prices.

Venezuela, which holds the world's largest proven oil reserves, currently produces only about 1.25 million barrels per day, far below its potential after years of underinvestment, mismanagement, and sanctions. The new agreement, brokered between Secretary of State Marco Rubio, Secretary of War Pete Hegseth, and interim Venezuelan President Delcy Rodriguez, would see American companies gain long-term access to select Venezuelan oilfields, guaranteeing a supply of crude to US refineries.

Rubio and Rodriguez described the deal as a win-win, claiming it would bring nearly $100 billion in private investment, create thousands of jobs, and help modernize Venezuela's industry and energy security. However, analysts have expressed uncertainty over the deal's legal and financial structure, questioning whether it complies with Venezuela's new hydrocarbons law and whether it will actually lower gasoline prices in the short term.

The US administration is under pressure to address consumer concerns about rising gasoline prices ahead of the midterm elections in November.