Washington agrees to develop 65 billion barrels of Venezuelan oil reserves
The United States and Venezuela have agreed to a massive oil development deal that could reshape global energy markets and deepen Washington's economic influence in South America.
The United States and Venezuela have agreed to terms allowing Washington to access more than 65 billion barrels of Venezuelan oil reserves. US President Donald Trump announced the agreement on Friday, describing it as the biggest oil deal in world history.
Venezuelan acting president Delcy Rodríguez confirmed the arrangement, stating it involves the development of 17 strategic fields. She noted the agreement could attract more than $100 billion in investment and generate over $209 billion in taxes for the Venezuelan state.
Trump framed the transaction as a major boost for domestic energy independence. He stated that the "Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans." US Secretary of State Marco Rubio echoed this sentiment on X, calling the agreement a "huge win for both the American and Venezuelan people."
For European markets and energy investors, this consolidation of Western Hemisphere resources under US direction marks a significant shift in global supply dynamics. It reinforces an America First energy strategy that could marginalize European firms seeking to re-enter the South American market. Rubio argued that the arrangement will "bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela's economy."
Despite these optimistic projections from Washington and Caracas, international oil companies have remained wary of the South American nation. Firms continue to cite concerns over the country's aging extraction infrastructure and deep-seated political uncertainty both at home and in Venezuela.
The agreement follows a major geopolitical shift in January, when US forces conducted an operation to capture former Venezuelan leader Nicolás Maduro. Following that operation, Trump pledged to pump billions into Venezuela and stated that US firms would lead the effort to rebuild the country's oil industry.
