Trump announces U.S. control of Venezuelan oil reserves

President Trump said Friday that the United States has secured majority control of more than 65 billion barrels of proven oil reserves in Venezuela, announcing a deal he said would expand U.S. energy supplies and lower gasoline prices.

The administration has not released details of the arrangement, including which oil fields are covered or which companies would handle drilling. Trump said the deal was reached “at no cost to the American Taxpayer” and through “a partnership with private business.”

“At my direction, Secretary of State Marco Rubio, and Secretary of War Pete Hegseth, working closely with Highly Respected Interim President of Venezuela, Delcy Rodriguez, and, through a partnership with private business, have secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela,” Trump wrote on Truth Social.

Trump said the agreement would “MORE THAN DOUBLE” American oil reserves, increase U.S. oil supply and “substantially lower Gas Prices for all Americans, long into the future.” He also said it would help keep Venezuela “on a course toward Tremendous Success and Great Prosperity.”

Rubio said on social media that the deal would “bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela’s economy.” In another post cited by The Guardian, Rubio called it “a huge win for both the American and Venezuelan people.”

Venezuela has the world’s largest proven oil reserves, estimated at about 303 billion barrels, according to The Guardian. CBS News reported that the country has more than 300 billion barrels of proven oil reserves.

The announcement follows a U.S. military operation earlier this year that replaced Venezuela’s leadership, CBS News reported. The Guardian reported that since the U.S. captured and removed former Venezuelan President Nicolás Maduro from power in January, Washington has sought to secure a stable flow of Venezuelan crude for U.S. refineries while encouraging American investment in the country’s deteriorated energy industry.

Venezuela currently produces about 1.25 million barrels per day of crude, The Guardian reported.

The Guardian also reported that Trump is facing pressure ahead of November’s midterm elections over rising gasoline prices, which could be eased by cheaper oil supplies and expanded production. The United States has also been looking for ways to replenish its strategic petroleum reserve, including possible crude swaps with U.S. producers, the outlet reported.

Talks between the Trump administration and Venezuela were first reported earlier this week by The Wall Street Journal and Axios, according to The Guardian.

The reports have drawn criticism from some members of Venezuela’s opposition. “It’s a land grab – a massive land grab,” one well-known opposition figure told The Guardian, speaking anonymously because of the sensitivity of criticizing the United States. “It’s revolting because this is not the United States one would have [expected]. This is not the United States of the Marshall plan. This is a rapacious, mafioso United States.”