In a significant development, US President Donald Trump has announced a new oil deal with Venezuela, which he claims will grant the United States “majority” control over more than 65 billion barrels of the country’s proven oil reserves. This agreement, described by Trump as beneficial for both nations, was reached through a collaboration with private businesses and involved senior US officials. However, specific details about the companies involved, the oil fields covered, and the structure of US control remain undisclosed.
Venezuela, known for holding the world’s largest proven oil reserves, boasts an estimated 303 billion barrels. Despite years of decline in its energy sector, the country currently produces around 1.25 million barrels of crude oil daily. This new agreement aligns with Washington’s efforts to increase the flow of Venezuelan crude to US refineries and attract American investment into Venezuela’s oil industry. Enhanced access to these reserves could aid the US in addressing rising gasoline prices and replenishing its strategic petroleum reserves.
Earlier reports suggested that the US was in advanced negotiations regarding direct stakes in several major Venezuelan oil fields. Such potential investments could involve billions of dollars from American energy companies, marking a significant engagement with Venezuela’s oil sector.
However, this deal has sparked concern among segments of Venezuela’s opposition. Critics are questioning the extent of US involvement in the country’s energy resources, raising issues of sovereignty and control.
As US energy firms prepare for possible investments in Venezuela’s oil fields, more details are anticipated to emerge, clarifying the ownership structure and identifying the participating companies involved in this landmark agreement.