Trump Announces US Control of 60 Billion Barrels Venezuelan Oil

The United States stands to gain access to a substantial share of the world's largest oil reserves under a new arrangement with Venezuela. The move follows a US military operation earlier this year that removed Nicolás Maduro from power and installed interim President Delcy Rodriguez.

President Trump announced the agreement on social media, stating it grants majority control over more than 60 billion barrels of proven reserves at no direct cost to American taxpayers. A US official described the structure as a 100-year concession to a joint venture between the US government and a private operator, with the US holding 55 percent through equity and preferential oil access. The venture would rank as the second-largest corporate holder of proven reserves after Saudi Aramco.

Venezuela holds just over 300 billion barrels in total reserves, according to the US Energy Information Administration. Rodriguez confirmed the deal on X and projected more than $209 billion in tax revenue for her government. Secretary of State Marco Rubio added that the arrangement could bring nearly $100 billion in private investment and support thousands of jobs.

The announcement builds on eased US sanctions and new Venezuelan legislation allowing private management of oil fields. Companies such as Chevron maintained operations through prior nationalizations, while others including ExxonMobil have cited repeated asset seizures in the 1970s and 2000s as reasons for caution. Hunt Oil recently signed a separate agreement with state firm Petróleos de Venezuela.

Production increases remain uncertain given Venezuela's history of underinvestment and infrastructure decay. The central question is whether legal and economic reforms will prove durable enough to attract sustained capital from major firms wary of past expropriations.