US President Donald Trump announced that the United States reached what he called the largest oil deal in world history to control Venezuelan reserves.
Under the agreement, Washington will take control of 65 billion barrels of crude oil without any upfront costs, more than doubling American national petroleum reserves and significantly lowering domestic gasoline prices.
The accord was finalized following negotiations involving US Secretary of State Marco Rubio, US Secretary of Defense Pete Hegseth, and Venezuelan interim president Delcy Rodriguez.
Rubio stated that the agreement will bring nearly 100 billion dollars in private investment into Venezuela. He added that the deal will create thousands of high-paying jobs for local workers and support the recovery of the South American nation's economy.
Lease Negotiations and Strategic Reserves
Discussions leading up to the announcement included options for leasing select Venezuelan oil fields to Washington for 100 years, according to reporting by Bloomberg. The news agency noted that lease terms were not fully finalized and remained subject to change during bilateral negotiations, adding that a completed deal would represent an unprecedented level of US economic intervention in another country.
Trump described Venezuelan petroleum assets as a trophy obtained following a US military operation that resulted in the capture of former President Nicolas Maduro and his wife. He said American forces acted in a traditional manner, obtaining returns from Venezuelan oil fields that far exceeded the financial costs of the military intervention.
The military operation in early January 2026 involved missile strikes and explosions in Venezuela before US forces detained Maduro. By January 5, American officials had moved to secure oversight of the country's vast energy sector.
The American leader further claimed that combining domestic supplies with Venezuelan deposits leaves the United States holding 60 percent of total global oil and gas reserves. He stated that the US already possessed more oil and gas than any other nation prior to incorporating Venezuela's resources.
Proposals for Statehood and Venezuelan Rejection
The announcement follows earlier reports in May 2026 by Fox News correspondent John Roberts, who stated after speaking with Trump that the president was seriously considering incorporating Venezuela as the 51st US state. Fellow Fox News reporter Bill Melugin confirmed the account, stating that Trump identified Venezuela's estimated 40 trillion dollars in oil wealth as the driving force behind his decision.
Trump subsequently published an image on his Truth Social platform displaying a map of Venezuela colored in the American flag with text designating it as the 51st state. He shared a matching post with the same image and caption again in early August 2026.
Venezuelan officials rejected any possibility of joining the United States. Rodriguez emphasized that her country would never become an American state, asserting that such a move was out of the question because Venezuelan citizens retain a deep commitment to their national independence.
Energy Market Impact and Regional Context
Venezuela holds the world's largest proven crude oil reserves, with vast heavy crude deposits concentrated in the Orinoco Belt. Washington is the capital of the United States and the seat of the federal government, while Caracas serves as the capital of Venezuela. The transfer of energy resources marks a dramatic shift in Western Hemisphere politics and global commodity markets.
