Biggest Oil Deal In World History: Trump Says US Secures ‘Majority’ Control Of 65 Billion Barrels

US President Donald Trump has announced what he called the “biggest oil deal in world history”, saying the United States has secured majority control of more than 65 billion barrels of Venezuela’s proven oil reserves through a partnership involving private companies.

Trump said the agreement, reached after weeks of negotiations between Washington and Caracas, would give the US access to a significant share of Venezuela’s vast oil resources at no cost to American taxpayers.

In a post on Truth Social, Trump said Secretary of State Marco Rubio and Secretary of War Pete Hegseth worked with Venezuela’s interim President Delcy Rodriguez and private businesses to negotiate the arrangement. However, Trump did not initially disclose the precise structure of the deal, the oilfields covered, the companies involved or how the United States would exercise majority control.

The announcement came as Venezuelan officials prepared to sign agreements next week granting new oil exploration and production rights to several companies, particularly US firms. Earlier reports suggested a lease model could allow Venezuelan oilfields to be auctioned to American producers, although such a system could face constitutional and legal challenges because the Venezuelan state retains control over key activities in the oil sector.

Reports have said the proposed arrangement involves 17 oil fields and could give a US backed venture a 55 per cent operational stake, with a 100 year concession also reported. The 65 billion barrels refer to reserves covered by the proposed development rather than a transfer of ownership of Venezuela’s entire oil reserves to Washington.

Rubio described the agreement as beneficial to both countries, saying it would provide the US with stable, low cost crude and could help bring down gasoline prices. Venezuela could receive nearly $100 billion in private investment, create thousands of jobs and use the proceeds to rebuild its economy, officials said. Venezuelan authorities have also projected more than $209 billion in tax revenue over time.

Venezuela holds the world’s largest proven oil reserves, exceeding 300 billion barrels, but produces only about 1.25 million barrels per day, far below its potential. Years of underinvestment, mismanagement, sanctions and deteriorating infrastructure have severely weakened its oil industry.

Much of Venezuela’s crude is heavy or extra heavy, particularly from the Orinoco Belt, creating additional challenges in extraction, transportation and refining. Analysts therefore caution that any major increase in production could take years and require extensive investment.

The deal also faces legal, financial and political uncertainty. Its full terms have not been publicly released, while questions remain over the legal basis for any US backed lease, ownership arrangements, financing and operating rights.

The Trump administration is seeking greater access to Venezuelan crude for US refineries and additional investment in Venezuela’s energy sector. The move also comes as Washington faces pressure over gasoline prices ahead of the November midterm elections.

Whether the agreement can rapidly revive Venezuela’s oil production, deliver billions in investment and lower US fuel prices remains uncertain, but the announcement could mark a dramatic expansion of American influence over one of the world’s largest petroleum reserves.