Updated 29 Aug, 2026 07:33
ARCHIVAL PHOTO: Venezuelan flag blows before tanker in Maracaibo, Venezuela, 27 July 2026. © Jose Isaac Bula / Anadol via Getty Images
U.S. president Donald Trump stated that he has more than doubled US oil reserves through a broad deal that provides Washington with majority control over more than 65 billion barrels of Venezuelan oil.
US Secretary of State Marco Rubio and defence Secretary Pete Hegseth collaborated with Venezuela's temporary leader Delcy Rodriguez and private entities to guarantee "major US control" over these resources ‘at no cost to the American taxpayer’ – informed Trump on Friday on fact Social.
“The United States of America has just concluded an agreement with Venezuela on THE MOST MOST FUTURE TRANSACTIONS IN planet HISTORY!” – announced that this transaction "SPEAKING MORE US oil reserves".
According to the latest data from the U.S. Energy Information Agency (EIA), the documented U.S. oil and condensate reserves are about 46 billion barrels.
The addition of another 65 billion barrels of Venezuelan oil would increase the full volume of resources under any form of US control to over 111 billion barrels, even though this oil would not technically become part of the US national reserves.
Rubio referred to the agreement as a “great success”, stating that it would attract private investments worth nearly $100 billion to Venezuela, support thousands of jobs and aid to lower gas prices in the US.
Rodriguez later confirmed the conclusion of the contract, stating that it covers 17 strategical oil fields with a documented possible of 65 billion barrels and assumes investments worth over $100 billion and taxation revenues for Venezuela over $209 billion.
She informed that these fields would be operated by private operators, but the exact ownership structure remains unclear.
Earlier reports suggested that Washington had sought operating rights for a century.
This agreement is simply a further step in expanding US control of Venezuela's vast oil resources, following a January military operation resulting in Maduro being kidnapped and transported to the US, where national charges were filed against him.
After this operation Trump stated that Washington would be ‘managed’ Venezuela during the political transition process, without excluding further armed action in the absence of cooperation from temporary authorities.
Washington then took steps to take over ‘unlimited’ control over sales and gross from Venezuelan oil, while Trump ordered the proceeds from Venezuelan oil to be stored on US fiscal accounts, subject to US restrictions.
This agreement was met with fierce criticism of the country's sovereignty, even by some, usually pro-Western, opposition voices.
Ricardo Hausmann, erstwhile Venezuelan Minister of Planning, called the agreement ‘non-Constitutional’, arguing that Rodriguez is at the forefront of an illegal interim government which does not have the power to renounce long-term control of the country's oil resources.
Meanwhile, erstwhile vice president and veteran of the Chavists movement Elias Jaua late accused Washington of depriving Venezuela of sovereignty and taking control of its natural resources.
Translated by Google Translator
source:https://www.rt.com/news/644794-trump-venezuela-oil-reserves/
