Venezuela: According to Trump, the USA is securing oil reserves in the country

Largest reserves in the world

Trump announces huge oil deal

At the beginning of the year, US special forces arrested Venezuela’s long-time leader Nicolás Maduro. Now there should be an agreement on the country’s oil reserves.

The USA have, according to the President Donald Trump huge oil deposits in Venezuela secured. With the agreement, the US brings more than 65 billion barrels of proven oil reserves under its control, like Trump on the platform Truth Social announced. That would correspond to around a fifth of the reserves estimated to be in Venezuela.

Trump said the “historic transaction” would significantly improve US oil supplies and lower gasoline prices for all Americans. There would be no cost to taxpayers in the US as a result of the deal. US companies are supposed to revive the OPEC state’s ailing energy industry and at the same time develop a new source of crude oil.

As Trump further announced, the agreement was concluded in consultation with the acting president of Venezuela, Delcy Rodríguez. There was initially no confirmation from Venezuela. The private sector is also involved in the agreement. On the US side are defense ministers Pete Hegseth and Secretary of State Marco Rubio were present at the negotiations, Trump said. Trump did not provide further details about the content of the agreement.

The agreement will more than double the amount of oil potentially available to the United States, Trump said. According to the US Energy Agency (EIA), the US had reserves of 46 billion barrels at the end of 2024. However, it not only contains crude oil, but also the condensate that is extracted from the well during production. The USA is already the largest producer of crude oil in the world.

The announcement followed weeks of negotiations between the US and Venezuela. US Secretary of State Marco Rubio described the agreement as a win for both countries. It will ensure a stable and cost-effective oil supply for the USA and will help reduce gasoline prices. For Venezuela, the agreement will bring nearly $100 billion in private investment and create thousands of well-paying jobs. Venezuelan officials are preparing to sign deals next week to award new exploration and production rights, primarily to U.S. companies.

Towards the end of last year, the USA toughened its stance towards Venezuela and significantly expanded its military presence in the region. The US mainly cited suspected drug smuggling as the official reason – but Trump himself also linked the operation to the country’s oil reserves.