Trump Claims Historic Venezuela Oil Deal
- Trump announced a deal granting the US access to over 65 billion barrels — more than a fifth — of Venezuela's oil reserves, which he called the biggest oil deal in world history.
- Secretary of State Rubio says the agreement will bring Venezuela nearly $100bn in private investment, while transitional president Rodríguez claims it will generate a further
- Trump disclosed no details of what the US would offer in return, and the deal's full legal and financial terms remain publicly unknown.
President Donald Trump has announced what he describes as the largest oil deal in world history, claiming that the United States will gain access to more than a fifth of Venezuela's vast petroleum reserves — equivalent to over 65 billion barrels, or roughly 10.335 trillion litres of crude.
The announcement
Trump made the announcement on his Truth Social platform, asserting that the arrangement would more than double America's oil reserves and deliver significantly cheaper fuel to US consumers for years to come. He offered no details of what concessions, if any, the United States would make in return. The deal is believed to be worth over 300 billion dollars in combined investment and tax revenues, according to figures put forward by senior officials, though neither the full legal framework nor a precise timeline has been made public.
Senior officials' claims
Secretary of State Marco Rubio, who helped broker the agreement alongside Defence Secretary Pete Hegseth, wrote on X that the deal would bring Venezuela nearly 100 billion dollars — roughly 86 billion euros — in private investment, as well as thousands of well-paid jobs intended to support national reconstruction. Venezuela's transitional president, Delcy Rodríguez, called the agreement "historic" and said it would generate a further 209 billion dollars — approximately 180 billion euros — in tax revenue for the government's strained finances.
Venezuela's position
Rodríguez, 57, has led Venezuela since January, following the arrest of the former president Nicolás Maduro by US authorities in Caracas and his subsequent extradition to the United States. Maduro is currently held in New York, where he faces trial on charges of narco-terrorism. Since assuming office, Rodríguez has actively championed the opening of Venezuela to foreign investment, particularly in the energy sector. The country, home to 32 million people, holds the world's largest known oil reserves but has endured years of severe economic crisis.
Background pressures
The Trump administration had previously applied sustained pressure on Caracas to grant US companies access to those reserves, whilst simultaneously encouraging domestic firms to invest in Venezuela. Most corporations, however, remained reluctant, citing the country's deteriorating infrastructure and a history of foreign-asset expropriations. The deal's announcement comes as Trump's approval ratings have declined amid an ongoing conflict with Iran, with midterm congressional elections scheduled for November.
Key questions surrounding the deal's concrete terms, legal structure, and the specific obligations assumed by Washington remain unanswered, leaving the full scope of the arrangement unresolved.
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