Trump Announces Sweeping U.S.-Venezuela Oil Deal Covering 65 Billion Barrels

by Emmitt Barry, Worthy News Washington D.C. Bureau Chief

(Worthy News) – President Donald Trump said the United States has reached a major oil agreement with Venezuela that would give American interests majority control over more than 65 billion barrels of the South American nation’s proven oil reserves, a move the administration is presenting as a breakthrough for U.S. energy security and long-term gasoline prices.

Trump announced the deal Friday, saying Secretary of State Marco Rubio and Secretary of War Pete Hegseth helped secure the agreement through a partnership with private business and Venezuela’s interim leadership. The president described it as the “biggest oil deal in world history,” saying it came at no cost to American taxpayers.

The agreement centers on Venezuela’s vast oil reserves, which are among the largest in the world. According to the U.S. Energy Information Administration, Venezuela held roughly 303 billion barrels of proven crude oil reserves in 2023, accounting for about 17% of global reserves.

Still, analysts cautioned that the deal may not bring immediate relief at the pump. Much of Venezuela’s crude is heavy oil, and the country’s energy infrastructure has suffered from years of mismanagement, sanctions, corruption, and underinvestment. Expanding production, transportation, and refining capacity could take years and require major private-sector investment.

The administration has framed the agreement as part of a broader America First energy strategy, arguing that U.S. influence over Venezuelan production could strengthen domestic supply chains, replenish strategic reserves, and reduce dependence on hostile regimes. Critics, however, warned that the arrangement could face legal, political, and operational hurdles, particularly given Venezuela’s fragile political landscape.

If fully implemented, the deal would mark a dramatic shift in Washington’s posture toward Caracas, moving beyond sanctions and diplomacy into direct energy-sector control through U.S.-backed private investment.

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