U.S. President Donald Trump says his administration has reached a major agreement with Venezuela that could give the United States access to the South American country’s vast oil reserves.
Trump announced the deal on Friday, describing it as the “biggest oil deal in world history.” He said the agreement was negotiated by U.S. Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Venezuela’s acting President Delcy Rodríguez.
According to the Venezuelan government, the agreement covers the development of 17 oil fields with an estimated 65 billion barrels of proven reserves. Caracas said the deal could attract about $100 billion in investment into Venezuela’s oil industry and generate more than $209 billion in tax revenue for the Venezuelan government.
Under the agreement, the United States would partner with a private company to establish a new operator in Venezuela. A U.S. official familiar with the deal said Rodríguez granted the company rights to develop the oil fields for 100 years.
The official also said the United States would have access to about 55% of the new company’s effective oil output, through an ownership stake and rights to purchase oil at cost.
The announcement comes as Trump faces pressure over high oil and gasoline prices in the United States. The situation has been worsened by the ongoing war involving Iran, which has disrupted oil shipments through the Strait of Hormuz, a major global energy route.
The United States has also been drawing heavily on its strategic petroleum reserves, which fell below 300 million barrels in early August.
The agreement could therefore give Washington greater access to Venezuelan crude while providing Caracas with investment and increased government revenue. However, the full implementation and economic impact of the deal remain to be seen.
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