U.S. President Donald Trump announced on January 31 that Washington has reached a historic agreement with Caracas, under which the U.S. will assume control over the majority of Venezuela's approximately 65 billion barrels of proven oil reserves.
On his Truth Social platform, Trump stated that "this historic transaction doubles the United States' oil reserves" and "will significantly lower gas prices for all Americans."
According to Trump, the deal was orchestrated under the direction of Secretary of State Marco Rubio and Secretary of Defense Pete Hegseth, in coordination with Venezuelan Interim President Delcy Rodriguez, through collaboration with the private sector.
"Secured U.S. control over more than 65 BILLION BARRELS of verified oil reserves in Venezuela without spending a single dollar from U.S. taxpayers," Trump wrote.
Venezuelan Interim President Delcy Rodriguez welcomed the agreement, which is expected to generate approximately $209 billion for the state budget.
The announcement follows weeks of negotiations over a deal that would grant American companies long-term access to a group of Venezuelan oil fields and secure a steady supply of crude oil for the U.S. Venezuelan officials are expected to sign agreements next week to grant new oil exploration and extraction rights to several companies, particularly American businesses.
Earlier, sources from Reuters indicated that a leasing model could be considered, with oil fields potentially auctioned to U.S. producers. However, the deal may face legal and constitutional challenges in Venezuela, where the state retains control over core oil industry operations.
The new agreement is seen as a significant expansion of Washington's role in Venezuela's oil industry, as the Trump administration seeks to revive the country's production and secure additional crude for U.S. refineries. Venezuela currently holds the world's largest proven oil reserves but produces only 1.25 million barrels per day, far below its potential after years of underinvestment, poor management, and sanctions.
Trump did not disclose the structure of the agreement, the specific oil fields, the companies involved, or how the U.S. would exercise control over the majority of the reserves.
Meanwhile, Secretary of State Marco Rubio described the deal as a win for both nations. On X, he stated that the agreement would ensure a stable, low-cost oil supply for the U.S. and help reduce gasoline prices. For Venezuela, Rubio said the deal would attract nearly $100 billion in private investment, create thousands of well-paying jobs, and help rebuild the country's economy.
