Trump says US is taking partial control of Venezuela's vast oil reserves, but offers few details about agreement

President Donald Trump announced on Friday an unprecedented plan to take control of a fifth of Venezuela's vast oil reserves, aiming to revitalize the Opec nation's struggling energy sector and provide a new source of crude to help reduce US fuel prices. Trump disclosed minimal details about the agreement, stating that the US has gained majority control over more than 65 billion barrels of Venezuela's proven oil reserves through a partnership with private business.

Venezuela's leader, Delcy Rodriguez, welcomed the deal, claiming it would stimulate the economy and government revenue. The agreement would represent a significant expansion of the US's role in Venezuela's oil industry, given the country's potential to produce over 1.25 million barrels of oil per day, which has been hindered by years of underinvestment, mismanagement, and sanctions.

Trump credited Secretary of State Marco Rubio and Secretary of War Pete Hegseth for working closely with Rodriguez to secure the majority control of the reserves, without disclosing the specific structure of the deal, the fields or companies involved, or how the US would exercise majority control. Analysts expressed uncertainty about the legal and financial aspects of the agreement, as well as its potential impact on gasoline prices in the short term, given the time needed to develop the infrastructure for producing, transporting, and refining Venezuela's heavy crude.