Trump Strikes Venezuela Oil Deal Tied to 65 Billion Barrels of Reserves

President Donald Trump said that his administration had reached an agreement with Venezuela that could give US interests access to a large portion of the country's oil reserves and attract substantial new investment into its energy sector, according to The Associated Press (AP).

President Donald Trump has announced an agreement with Venezuela involving the development of oil fields that Caracas says contain 65 billion barrels of potential reserves. [Photo: Wilfredor, Wikimedia Commons]

Trump said the agreement was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Venezuela's acting President Delcy Rodríguez.

According to a statement from Rodríguez's government, the agreement involves the development of 17 oil fields with a stated potential of 65 billion barrels of reserves.

The Venezuelan government said the deal could attract $100 billion in investment into the country's oil industry and generate more than $209 billion in tax revenue for Caracas.

Rodríguez said the agreement would have a significant impact on Venezuela's economic recovery.

Under the reported framework, the United States would partner with an unnamed private operator in Venezuela to establish a new company to develop the oil fields, according to a US official familiar with the agreement who spoke anonymously because the official was not authorized to discuss the details publicly.

The official said Rodríguez had granted the company rights to develop the fields for 100 years.

The agreement would give US interests an effective 55% share of the company's output through an ownership stake and rights to purchase oil at cost, according to the official.

If fully developed, the company would rank among the world's largest corporate holders of proven oil reserves.

The reported agreement comes amid Trump's efforts to increase global oil supplies and put downward pressure on energy prices.

The administration is also dealing with the effects of the conflict in Iran, which has disrupted energy markets and increased pressure on the United States to manage fuel prices and petroleum supplies.

The United States has also drawn down its Strategic Petroleum Reserve during 2026. However, the size of the reserve and the amount released should be reported using the latest US Energy Information Administration data at the time of publication.