Former President Donald Trump announced what he described as the "biggest oil deal in world history," securing access to over 65 billion barrels of proven oil reserves in Venezuela. Trump stated the agreement aims to more than double American oil reserves, increase supply, and substantially lower gas prices for Americans.
The deal was reportedly brokered with Venezuela's interim government and private businesses, including American oil firms. Trump asserted that the transaction would come at no cost to the American taxpayer and would strengthen U.S.-Venezuelan relations.
This agreement marks the second deal Trump has made with Venezuela's new government since the deposition of former dictator Nicolas Maduro in early January. Trump had previously indicated that the military operation to oust Maduro was partly intended to access Venezuela's oil.
Secretary of State Marco Rubio characterized the deal as a significant victory for both American and Venezuelan people, suggesting it aligns with an "America First" foreign policy by securing stable reserves and low-cost oil within the hemisphere. Rubio also stated the deal would bring nearly $100 billion in private investment to Venezuela, support jobs, and aid in the country's economic reconstruction.
Venezuela possesses one of the world's largest oil reserves, estimated at 303 billion barrels, approximately 17 percent of the global supply. Despite these vast reserves, the country's oil production is limited to about one percent of the world's output due to deteriorating infrastructure.
The administration faces pressure to address rising domestic gas prices, which have seen an increase over the past year. The U.S. has also drawn down its strategic petroleum reserves, which have fallen significantly since the beginning of 2026. Geopolitical events, including the conflict in Iran, have impacted global oil movement through critical shipping lanes.
Details regarding the specific private sector partners involved and the operational structure of the agreement were not immediately provided. While Trump has expressed confidence in his administration's ability to bring stability to Venezuela, past endeavors by U.S. oil companies in the country have been met with caution due to infrastructure issues and the nationalization of assets under former President Hugo Chávez. Delcy Rodriguez, who previously served as Maduro's Minister of Petroleum and Hydrocarbons, signed legislation opening Venezuela's oil sector to privatization, reversing a key policy of the previous socialist government.