United States President Donald Trump announced on Friday that Washington will take majority control of over 65 billion barrels of Venezuelan oil reserves in a deal involving private companies.
The government of Venezuela confirmed signing a historic oil agreement with the United States and offered warm thanks to the American president.
Writing on his social media platform Truth Social, Donald Trump presented the operation as the biggest oil agreement in world history. He claimed that taking control of the reserves would effectively double the petroleum reserves of the United States.
Donald Trump stated that negotiations were conducted in close collaboration with the interim president of Venezuela, Delcy Rodriguez. He added that the deal will be implemented through a partnership with private energy companies.
Impact on gasoline prices and taxpayers
The American president estimated that the historic transaction would significantly reduce gasoline prices for all American consumers for many years to come. He also assured citizens that the agreement would cost American taxpayers nothing.
Political analysts note that the promise of lower fuel prices arrives as a key message aimed at appealing to voters ahead of the upcoming United States midterm elections in November. In American politics, midterm congressional elections heavily focus on domestic cost-of-living concerns and energy security.
United States Secretary of State Marco Rubio highlighted the economic implications for South America on the social media platform X. Marco Rubio stated that the bilateral partnership between Washington and Caracas could generate nearly 100 billion dollars in private investment in Venezuela.
According to Marco Rubio, the deal will attract nearly 100 billion dollars in private capital for the Venezuelan people. He said the capital influx would support thousands of well-paid jobs and promote the reconstruction of the broader Venezuelan economy.
2>Global reserves and American energy stocks
Venezuela holds the largest proven petroleum reserves on the planet, estimated at more than 303 billion barrels. The nation, located on the northern coast of South America, possesses vast hydrocarbon deposits that have long formed the backbone of its national economy.
The announcement comes at a critical moment for American energy supplies. Data from the United States Energy Information Administration reveals that strategic petroleum reserves in the United States have fallen to their lowest level since November 1982.
The drop in strategic stocks follows ongoing global supply disruptions and rising crude oil prices linked to the war in the Middle East. The Energy Information Administration, an independent statistical agency within the United States Department of Energy, monitors global fuel production and domestic reserves.
United States policy in Venezuela
The agreement aligns with the broader policy goal expressed by Donald Trump to restart the exploitation of Venezuelan oil and gas resources under American patronage. Energy development had been severely restricted for years amid political turmoil and international sanctions.
Washington has rapidly accelerated this energy strategy following a United States military raid in early January. The military operation resulted in the capture of former Venezuelan leader Nicolas Maduro, paving the way for political shifts under interim president Delcy Rodriguez.
