WASHINGTON/CARACAS — In a move poised to reshape global energy markets, U.S. President Donald Trump announced a sweeping public-private partnership agreement with Venezuela granting the United States majority control over 65 billion barrels of the South American nation's proven oil reserves.
Declaring the arrangement "the biggest oil deal in world history" via social media, Trump stated that the accord was brokered by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and Venezuela’s interim President Delcy Rodríguez. According to administration officials, the pact establishes a private operating structure that gives the U.S. a 55% effective output stake and long-term development rights across 17 major fields, achieved at no cost to American taxpayers.
The high-stakes agreement comes as the White House faces acute domestic political pressure over soaring fuel prices. Prolonged military conflict in the Middle East has severely restricted traffic through the Strait of Hormuz and drained the U.S. Strategic Petroleum Reserve below 300 million barrels. Administration officials project that the influx of Venezuelan crude will eventually replenish domestic reserves, help stabilize prices at the pump, and drive nearly $100 billion in much-needed private infrastructure investment into Venezuela's severely degraded energy sector.
While Washington and Caracas hailed the accord as a historic economic breakthrough, energy analysts and legal experts have raised questions regarding the long-term execution of the deal. Venezuela holds the world's largest pool of certified crude—roughly 303 billion barrels—but decades of chronic mismanagement, underinvestment, and deteriorating extraction infrastructure have left daily output heavily constrained. Furthermore, political opposition groups within Venezuela have sharply criticized the pact as an aggressive foreign intervention, leaving the framework open to future legal and constitutional challenges as international energy firms weigh the risks of returning to the region.
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