Kochi: In a major announcement by US President Donald Trump, the US has reached a deal with Venezuela to control over 65 billion barrels of its oil reserves.
This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans,” Trump posted on social media.
Venezuela’s interim President, Delcy Rodriguez, hailed the agreement as one that would help her nation’s economic revival, BBC reported.
“For the Venezuelan people, this deal will bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela’s economy,” US Secretary of State Rubio said on social media.
Under the deal the US government will retain
55% control of a joint venture with an “experienced private operator in Venezuela”, a US official told the BBC’s media partner CBS News.
The deal would also appear to be wider in scope than the US-led Coalition Provisional Authority’s control over Iraq’s oil revenues after Saddam Hussein was ousted in an American-led invasion in 2003.
President Maduro and his wife, Cilia Flores, were seized in a US special forces operation authorised by Trump on 3 January, 2026.
Venezuela has the largest proven oil reserves in the world – an estimated 303 billion barrels.
US to control 65 bn barrels of Venezuelan oil
