U.S. Secures 65 Billion Barrels Of Venezuelan Oil After Securing Venezuela's President

WASHINGTON—President Donald Trump announced that the United States has secured majority control of more than 65 billion barrels of Venezuelan oil reserves, completing an energy agreement nearly nine months after the U.S. military captured Venezuela’s president.

Trump said Secretary of State Marco Rubio and Defense Secretary Pete Hegseth negotiated the arrangement with interim President Delcy Rodríguez and private businesses. He called it “THE BIGGEST OIL DEAL IN WORLD HISTORY” and said it would cost American taxpayers nothing. The White House did not identify the private partners or release the agreement’s financial, legal, or production terms.

There is oil to discuss. The U.S. Energy Information Administration estimates that Venezuela holds about 303 billion barrels of proven crude reserves, roughly 17 percent of the world total. Most is extra-heavy crude, and years of damaged infrastructure, lost expertise, sanctions, and limited investment have left the country producing about 1 percent of global supply. Majority control of barrels underground is therefore the opening ceremony, not the delivery schedule.

The announcement arrives while the six-month Iran war constricts traffic through the Strait of Hormuz and gasoline averages about $4.09 a gallon, up from $3.21 a year ago. The United States has drawn down its Strategic Petroleum Reserve below 300 million barrels, more than 100 million fewer than at the start of the year. Venezuela’s press office did not immediately confirm the new arrangement.

American energy independence now rests partly on foreign crude, foreign infrastructure, an interim foreign government, and terms the public has not seen. The 65 billion barrels remain securely in Venezuela, where America can begin exercising control as soon as someone explains what control means.