US Secures "Majority Control" of 65 Billion Venezuelan Oil Barrels

President Donald Trump has announced a groundbreaking new oil agreement with Venezuela’s interim president, Delcy Rodríguez, claiming it will grant the United States “majority” control over an estimated 65 billion barrels of proven oil reserves. This deal, brokered by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth “through a partnership with private business,” reportedly comes “at no cost to the American Taxpayer.”

Trump, who made the announcement on his social media platform, asserted that this agreement would more than double America’s existing oil reserves.

Secretary Rubio echoed this sentiment, calling it a “huge win for both the American and Venezuelan people.”

While the administration has hailed the deal as a significant victory, specifics regarding its structure, the oil fields or companies involved, and the precise mechanism for the US to exert majority control remain largely undisclosed. Venezuela, known for possessing the world’s largest proven oil reserves at an estimated 303 billion barrels, has been a focal point of US policy following the removal of former Venezuelan president Nicolás Maduro from power earlier this year.

Since then, Washington has been actively seeking to stabilize the flow of Venezuelan crude oil to US refineries and to encourage American investment into the OPEC nation's struggling energy sector, which currently produces 1.25 million barrels per day. The timing of this agreement is particularly pertinent, as President Trump faces increasing pressure over rising gasoline prices ahead of November's midterm elections.

Cheaper oil supplies and expanded output could potentially alleviate these concerns.

Furthermore, the US has also been exploring options to replenish its strategic petroleum reserve.

However, the proposed agreement has not been without its critics.

Reports that the US sought a substantial stake in Venezuela's oil and gas sectors had already sparked considerable anger. Opponents have labeled such a move as “predatory” and “unconstitutional,” raising questions about the long-term implications and sovereignty aspects of the deal.

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