President Donald Trump announced a new oil deal with Venezuela on Friday, under which the United States will take control of a 'large portion' of Venezuela's 65 billion barrels of confirmed oil reserves in the South American nation.
On Truth Social, Trump wrote: 'Under my direction, Secretary of State Marco Rubio and Secretary of War Pete Hegseth, in close coordination with the highly respected acting President of Venezuela, Delcy Rodriguez, and through partnerships with private enterprise, have secured U.S. control over a large portion of more than 65 billion barrels of confirmed oil reserves in Venezuela, at no cost to the American taxpayer.'
According to Trump, the deal will more than double U.S. oil reserves. Secretary Rubio also posted on social media that the agreement is a 'big win for both the American people and the people of Venezuela.'
Venezuela currently holds about 303 billion barrels of confirmed oil reserves, the largest in the world. Since the United States detained and removed former Venezuelan President Nicolás Maduro from power in January, Washington has sought to secure a steady flow of Venezuelan crude to U.S. refineries, while also promoting American investment in the OPEC nation's deteriorating energy sector, which currently produces about 1.25 million barrels of crude per day.
Trump faces pressure ahead of the November midterm elections due to rising gasoline prices, which could be eased by cheaper oil supplies and expanded production. The U.S. is also seeking to replenish its strategic petroleum reserves, including possible crude swaps with American producers.
Negotiations between the Trump administration and Venezuela were first reported by the Wall Street Journal and Axios earlier this week. The news has sparked discontent and anger among members of Venezuela's opposition, who are already frustrated that Trump has not delivered real political change following Maduro's detention.
A prominent opposition figure, speaking anonymously due to the sensitivity of criticizing the U.S., said: 'This is a land grab — a massive land grab. It's disgusting because this is not the America people once expected. This is not the America of the Marshall Plan. This is a greedy, mafia-style America.'
