President Donald Trump announced Friday that the United States and Venezuela have signed the biggest oil deal in world history.
Deal Details and Statements
Trump said the agreement gives the United States majority control of more than 65 billion barrels of Venezuela’s proven oil reserves at no cost to American taxpayers, more than doubling U.S. oil reserves.
Secretary of State Marco Rubio posted on X that the deal demonstrates President Trump’s “America First” foreign policy, secures stable, low‑cost oil for the hemisphere and will lower gas prices for U.S. consumers.
Rubio added that the arrangement will bring nearly $100 billion in private investment to Venezuela, create thousands of high‑paying jobs and spur the country’s economic reconstruction.
Senator Bernie Moreno (R‑Ohio) echoed the win, saying that without Democratic opposition Maduro would still rule, Venezuelan oil would flow to China at half price and the Venezuelan people would be exploited by a corrupt regime.
The contract’s financial terms remain undisclosed, but officials confirmed that oil sale proceeds are deposited in a Treasury‑supervised account and that Rubio and Treasury Secretary Scott Bessent control disbursement.
Venezuela holds the world’s largest proven crude reserves, estimated at 303‑304 billion barrels, roughly 19 % of global totals.
Output had fallen to about 941,000 barrels per day in 2025, recovered to 1.23‑1.25 million bpd in late August 2026, the highest level since early 2019 and a 30 % increase since January 2026 after sanctions relief and reductions in the state’s share of projects.
Under former President Nicolás Maduro, China was the primary buyer of Venezuelan oil, and the regime also supplied cheap oil to Cuba in exchange for intelligence, military training and medical personnel from Cuba’s forced‑labor programs.
While officials claim the deal will benefit both peoples, analysts note that daily blackouts, infrastructure decay and recent earthquakes continue to strain Venezuelan citizens, and morale remains low despite gratitude for the removal of Maduro.
Reaction and Outlook
Trump’s description of Delcy Rodríguez, Venezuela’s interim president, as “highly respected” drew criticism, but the administration framed the agreement as a strategic victory for energy security and economic growth.
The deal’s impact on U.S. gas prices and long‑term Venezuelan development remains to be seen, and further details are expected in the coming weeks.
