- President Donald Trump announced a new US oil agreement with Venezuela’s interim president Delcy Rodríguez, saying the US will have 'majority' control of 65bn barrels of proven oil reserves.
- The agreement was brokered 'through a partnership with private business' by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, and the administration has 'secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer.'
- Trump said the agreement would more than double American oil reserves, and Rubio called it 'a huge win for both the American and Venezuelan people.'
- The announcement provided few details on the structure, fields, companies, or how the US would exercise majority control over the reserves.
- Trump faces pressure before November’s midterm elections over rising gasoline prices, which could be eased through cheaper oil supplies and expanded output, and the US is also looking to replenish its strategic petroleum reserve, including possible crude swaps with US producers.
- The reports caused unease and anger among Venezuela’s opposition, with one unnamed figure calling it 'a land grab – a massive land grab' and 'a rapacious, mafioso United States.'
Donald Trump announced a significant oil deal with Venezuela, securing majority control over 65 billion barrels of proven reserves. The agreement, brokered by Secretary of State Marco Rubio, aims to alleviate rising gasoline prices ahead of the November midterm elections.123
Trump stated, "The administration has secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer." This deal is expected to more than double U.S. oil reserves, providing a potential solution to the strategic petroleum reserve replenishment.78
Despite the optimism, details about the agreement's structure and the specific oil fields involved remain vague. Critics, including members of Venezuela's opposition, have expressed concern, labeling it a "massive land grab" and questioning the U.S.'s intentions. One opposition figure remarked, "It’s revolting because this is not the United States one would have expected. This is a rapacious, mafioso United States."
Venezuela, holding the world’s largest oil reserves at 303 billion barrels, has been a focal point for U.S. energy strategy since the removal of former president Nicolás Maduro. The U.S. aims to stabilize the flow of Venezuelan crude oil while promoting investment in the country’s struggling energy sector, which currently produces 1.25 million barrels per day.
“The agreement, brokered by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, aims to more than double American oil reserves and comes as Trump faces pressure over rising gasoline prices before November's midterm elections. Venezuela's opposition reacted with anger, with one unnamed figure calling it 'a land grab – a massive land grab.'”
The Guardian
