Tuesday 15 September 2026
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Trump Announces US Deal for Majority Control of Venezuela's Oil Reserves

Venezuelan interim president says 25-year pact will revive economy, as US seeks to lower gas prices amid Iran war

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By LineZotpaper
Published
Updated
Read Time3 min
Sources5 outlets
US President Donald Trump has announced a deal granting the United States majority control of more than 65 billion barrels of Venezuela's proven oil reserves, calling it "the biggest oil deal in world history." Venezuelan Interim President Delcy Rodríguez confirmed the agreement in a televised national address, saying it would target production of 1.5 million barrels per day from 17 strategic oilfields over 25 years and generate billions in revenue for her country.

President Trump announced the agreement on Truth Social on Friday night, local time, saying it was reached through Secretary of State Marco Rubio and Secretary of War Pete Hegseth, working with Interim President Delcy Rodríguez and a private business partner.

"The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!" Trump wrote. He said the deal secured "majority US control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer."

According to a US official familiar with the deal, speaking on condition of anonymity, the agreement allows the US to partner with an unnamed private operator in Venezuela to create a new private company that will hold the reserves. The official said the interim president granted the company 100-year rights to develop the oil fields, and the US will hold 55 percent effective output of the new company — including an ownership stake and rights to buy oil at cost. The company would become the second-largest corporate holder of proven reserves after Saudi Aramco, the official added.

In a televised national address on Saturday night, Rodríguez provided further details. "This 25-year bilateral project envisages the development of 17 strategic oilfields with a production target of more than 1.5 million barrels per day," she said. She estimated the agreement could generate about US$209 billion in revenue for Venezuela, based on a benchmark oil price of $65 per barrel, with roughly US$19 from each barrel flowing directly to the country.

"One thing must be absolutely clear: Venezuela retains ownership and sovereignty over its resources," Rodríguez said, stressing the deal would preserve the country's sovereignty over its natural resources.

Rodríguez's government had earlier said in a statement that the deal could draw US$100 billion in investment into Venezuela's oil industry and yield over US$209 billion in taxes for Caracas.

The announcement comes nearly nine months after the US military, at Trump's direction, captured Venezuela's former president Nicolás Maduro in a raid and brought him to New York to face federal narcoterrorism and drug trafficking charges. Rodríguez, who had been Maduro's vice president, was named interim leader after his capture.

Trump faces mounting pressure to address high gas prices as the war in Iran reaches a six-month mark with no conclusion in sight. The US has tapped its strategic petroleum reserves, which in early August fell below 300 million barrels, down by more than 100 million barrels since the start of 2026.

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Analysis

Why This Matters

  • The deal could significantly increase global oil supply and lower gasoline prices for US consumers amid the ongoing Iran conflict, which has strained energy markets for six months.
  • It represents a dramatic reshaping of US-Venezuela relations following the military capture of Nicolás Maduro, establishing a new model for resource extraction under US influence.
  • Venezuela's economic revival — and political stability — may hinge on this agreement delivering the promised $209 billion in revenue, a high-stakes bet for both nations.

Background

Venezuela holds the world's largest proven oil reserves but has faced severe production declines due to years of underinvestment, mismanagement, and international sanctions. In January 2026, the US military captured President Nicolás Maduro and brought him to the US to face drug trafficking charges, installing his former vice president, Delcy Rodríguez, as interim leader. Rodríguez has since opened Venezuela's oil sector to private investment. The US is simultaneously engaged in a war against Iran that has strained global oil supplies and pressured domestic gasoline prices.

Key Perspectives

  • US Government: President Trump frames the deal as a historic transaction that more than doubles American oil reserves, increases supply, and will substantially lower gas prices for Americans at no cost to taxpayers. The administration sees it as a strategic win amid the Iran conflict.
  • Venezuelan Interim Government: Delcy Rodríguez presents the deal as an engine for national revival, stressing Venezuela retains sovereignty over its resources. The projected $209 billion in revenue is central to her government's economic credibility.
  • Critics/Skeptics: The deal's structure — a 100-year rights grant to an unnamed private operator, 55% US effective output, and the absence of independent verification of reserves — raises sovereignty, transparency, and long-term control questions. Oil price fluctuations could undermine revenue projections.

What to Watch

  • Identity of the private operator selected to develop the 17 oilfields
  • Whether Venezuela's production can realistically reach 1.5 million barrels per day from its current diminished capacity
  • Impact on US gasoline prices and the strategic petroleum reserve levels in coming months
  • Reactions from other major oil producers, particularly Saudi Arabia and Russia

Sources

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Zotpaper

Articles published under the Zotpaper byline are synthesized from multiple source publications by our AI editor and reviewed by our editorial process. Each story combines reporting from credible outlets to give readers a balanced, comprehensive view.

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