Trump says US has made ʼlargest everʼ oil deal with Venezuela

The United States has struck an oil deal with Venezuela, which President Donald Trump called "the largest in the world".

He wrote about this on the social network Truth Social.

According to Trump, the deal provides for US control over more than 65 billion barrels of Venezuelaʼs proven oil reserves "at no cost to American taxpayers".

This, they say, will more than double US oil reserves, significantly expand raw material supplies, significantly reduce gasoline prices for Americans, and strengthen the "already strong relationship" between Venezuela and the United States.

This agreement was reached by the US Secretary of State Marco Rubio, Secretary of Defense Pete Hegseth, interim President of Venezuela Delcy Rodriguez, and representatives of private business.

Trump did not disclose further details of the deal, but Reuters notes that it involves long-term access for American companies to a group of Venezuelan oil fields.

Sources said a lease model is being considered, under which the fields could be auctioned off to US producers. However, such a deal could face legal and constitutional challenges in Venezuela, where the state retains control over key oil activities.

According to Reuters, the Venezuelan government is preparing to sign agreements next week on new oil exploration and production rights, primarily for American companies.

Venezuelan leader Rodriguez welcomed the agreement with the US and added that it envisages the development of 17 strategic fields and could provide Venezuela with approximately $209 billion in tax revenues.

Meanwhile, the US Secretary of State Rubio called the deal “a huge victory for both the American and Venezuelan people”. He said the agreement would bring nearly $100 billion in private investment to Venezuela.

• The day before, Bloomberg reported that Venezuela was considering leaving the Organization of the Petroleum Exporting Countries (OPEC) and instead was planning a deal with the United States. Among the possible options, media sources mentioned the transfer of several Venezuelan oil fields to the United States on a 100-year lease.
• Venezuela was one of the five founding members of OPEC in 1960 and a leading member of the organization. However, the US sanctions and a domestic political and economic crisis have effectively destroyed the countryʼs oil industry. In July this year, Venezuela was producing 1.16 million barrels of oil per day, less than half the volume of a decade ago.

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