US Gains Control of Venezuelan Oil: A Historic Agreement?
The United States has secured control over a large part of Venezuela’s oil reserves. This deal follows President Donald Trump’s promise to “take back” energy resources. It marks a major shift in relations between the two nations.
President Donald Trump announced the agreement on Friday. He said the US government and Venezuela’s interim President Delcy Rodriguez reached the deal. It gives the US majority control over more than 65 billion barrels of oil. This is about one-fifth of Venezuela’s total proven oil reserves. Venezuela has the world’s largest known oil deposits, around 303 billion barrels.
The deal includes 17 important oil fields. The US government plans to work with a private company to get the fuel. President Trump called it “THE BIGGEST OIL DEAL IN WORLD HISTORY!” in a social media post.
Some experts question the 65 billion barrel number. Oil market researcher Rory Johnston doubted the figure. He said the actual details are still largely unknown. President Trump claimed the deal “MORE THAN DOUBLES American Oil Reserves.” US proven oil reserves were about 46 billion barrels at the end of 2024. The US Strategic Petroleum Reserve is also getting smaller.
Venezuela has seen big political changes in 2026. Former President Nicolas Maduro led the country since 2013. His time was marked by disputed elections. On January 3, President Trump ordered an operation to arrest Mr. Maduro. Mr. Maduro is now waiting for trial in New York.
After Mr. Maduro’s arrest, President Trump supported Delcy Rodriguez to lead Venezuela. She became interim president. The Trump administration also said the US would control Venezuela’s oil exports indefinitely. Critics say the Trump administration put pressure on Ms. Rodriguez. President Trump warned Ms. Rodriguez of a “very big price” if she did not agree.
Experts say US intervention in Venezuela is against international law. International law states that countries have full control over their own resources. President Trump has linked US involvement to Venezuela’s oil resources. He previously argued that Venezuela’s oil belonged to the US.
The US-Israel war on Iran started six months ago. Iran closed the Strait of Hormuz. This strait usually carries almost one-fifth of the world’s oil. This closure caused global oil prices to rise. US petrol prices have also increased. Americans will vote in midterm elections in November. High petrol prices are a key election issue.
President Trump said this deal will “substantially lower Gas Prices for all Americans.” US Secretary of State Marco Rubio praised the deal. He said it helps the US economy and lowers gas prices. He also stated the deal would help Venezuela rebuild its economy.
Interim President Rodriguez called the agreement “historic.” She said it would bring investment for Venezuela’s oil industry. Venezuela has faced a severe economic crisis for years. Many people have left the country since 2014. The deal is expected to bring Venezuela $209 billion in taxes and $100 billion in investments. Reports say Ms. Rodriguez’s government gave the US the right to use the oil for 100 years.
Critics compare the deal to actions by Western powers during colonial times. Energy analyst Gregory Brew called it “without precedent.” President Trump has also used the phrase “Manifest Destiny.” This refers to expanding US wealth and territory. He has suggested taking oil from other countries in the past.
