Tuesday 15 September 2026
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US finalises deal for majority control of Venezuela's oil reserves, Trump announces

President says agreement covers more than 65 billion barrels and will lower gas prices; details remain scarce

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By LineZotpaper
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Updated
Read Time3 min
Sources10 outlets
President Donald Trump has announced a new agreement with Venezuela that grants the United States majority control of more than 65 billion barrels of the country's proven oil reserves, in what he called 'the biggest oil deal in world history.' The announcement comes six months after the start of the Iran war sent global energy prices soaring, and as the Trump administration faces domestic pressure to tame petrol costs. Few specifics have been released, and analysts have expressed scepticism about whether the deal can overcome the long-standing obstacles that have deterred investment in Venezuela's oil industry.

Trump made the announcement on his social-media platform on Friday, stating that the agreement would "MORE THAN DOUBLE American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans."

According to a US official who spoke to CBS News, the US government will retain 55% control of a joint venture with an "experienced private operator in Venezuela." The Wall Street Journal has reported that US energy firms Chevron and Halliburton are nearing deals to invest billions.

Trump said Secretary of State Marco Rubio and Defence Secretary Pete Hegseth brokered the agreement "through a partnership with private business" with Venezuela's interim president, Delcy Rodríguez. He stated it came "at no cost to the American Taxpayer."

Secretary Rubio called the deal "a huge win for both the American and Venezuelan people," adding that it would bring "nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela's economy."

The agreement follows the seizure of Venezuela's then-president Nicolás Maduro in a military operation authorised by Trump in January. Maduro and his wife, Cilia Flores, were captured and Maduro now faces drug charges in New York. In the hours after that raid, Trump said his administration would run Venezuela until a "safe, proper and judicious transition" could take place, and that it would indefinitely control the sale of the country's oil.

Rodríguez, who became interim president after Maduro's capture, hailed the oil deal as a step toward her nation's economic revival.

However, some analysts have reacted with scepticism, questioning whether the agreement would address the long-running hurdles that have deterred foreign investment in Venezuela's oil sector, including crumbling infrastructure, chronic mismanagement, and ongoing sanctions. The terms of the deal remain unclear, including what commitments or guarantees the US has made.

Trump has been under growing domestic pressure to bring down petrol prices, which have spiked due to the conflict in Iran. Venezuela holds the world's largest proven oil reserves.

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Analysis

Why This Matters

  • If realised, the deal could significantly boost US oil reserves and supply, potentially lowering petrol prices for American consumers amid the Iran war-driven price spike.
  • For Venezuela, the promised $100 billion in private investment could help rebuild its shattered economy, but past efforts to revive its oil industry have failed repeatedly.
  • The arrangement reshapes geopolitical dynamics in Latin America, cementing US influence over a major oil-producing nation following the capture of its former president.

Background

Venezuela sits atop the world's largest proven oil reserves, but its oil industry has been in steep decline for two decades due to chronic mismanagement, corruption, and, in recent years, US sanctions. In January 2026, Trump authorised a military operation that captured then-president Nicolás Maduro, who now faces drug charges in New York. Since then, Delcy Rodríguez has served as interim president. The US had previously imposed sanctions on Venezuela's state oil company, PDVSA, and barred US companies from doing business with it. This deal represents a dramatic reversal of that policy.

Key Perspectives

Trump administration: The deal is a historic win that will more than double US oil reserves, lower gas prices, and bring billions in investment to Venezuela without cost to US taxpayers. Venezuelan interim government: President Rodríguez welcomed the deal as a path to economic revival, with her administration expecting major private investment and job creation. Critics and analysts: Scepticism abounds. Many question whether the agreement can overcome the structural decay of Venezuela's oil infrastructure, the lack of operational clarity, and whether private investment will actually materialise at the scale promised.

What to Watch

  • Whether Chevron, Halliburton, or other companies formally announce investment plans and their terms.
  • Any release of the full text or specific terms of the agreement, especially regarding profit-sharing and operational control.
  • Petrol price movements in the US over the coming weeks, as the administration's central claim is that the deal will reduce prices.

Sources

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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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