Trump Claims US Control Over Venezuela’s Oil Reserves

Donald Trump announced that the US has secured majority control of over 65 billion barrels of Venezuelan oil. In a post on Truth Social, Trump declared that the US has struck “THE BIGGEST OIL DEAL IN WORLD HISTORY” with interim Venezuelan President Delcy Rodríguez and private companies, asserting that the agreement will come “at no cost to the American Taxpayer.”

Describing the deal as a “Historic Transaction,” Trump stated that it would more than double American oil reserves and significantly lower gas prices.

However, the White House has yet to reveal details about the agreement, including which companies are involved, how “control” is defined, or the timeline for the oil to reach global markets.

This announcement follows the earlier capture of Nicolás Maduro in January and Trump’s initiative for American oil producers to revitalize Venezuela’s faltering energy sector. He indicated that companies would invest at least $100 billion into the effort.

According to the US Energy Information Administration, Venezuela possesses the world’s largest proven crude oil reserves, approximately 303 billion barrels. Yet, due to years of underinvestment, sanctions, and political turmoil, the country’s production capacity has severely declined.

Trump has commented previously, noting, “A tremendous amount of money will have to be spent,” regarding the extraction of oil in Venezuela. He emphasized that oil companies would fund these efforts upfront and later be reimbursed either by the government or through generated revenue.

The White House has not responded to requests for comments regarding this deal, which has generated significant interest and speculation.

As developments unfold, details on the agreement and its implications for the American and Venezuelan economies remain to be clarified.