Trump says US has entered deal with Venezuela to take control of 65 billion barrels of oil reserves
Summary
President Donald Trump announced that the United States has made a deal with Venezuela to control 65 billion barrels of the country’s oil reserves. Trump said the agreement was negotiated by U.S. Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and Venezuela’s interim President Delcy Rodríguez.Key Facts
- The deal involves control of 65 billion barrels of Venezuela’s oil, which is part of the country’s total estimated 303 billion barrels of oil reserves.
- Venezuela has one of the largest oil reserves in the world, about 17% of global supply.
- Venezuela currently produces about 1% of the world’s oil because of poor infrastructure.
- The announcement follows a U.S. operation earlier in the year to capture Venezuela’s President Nicolás Maduro for drug trafficking charges.
- The deal is seen as a response to high gas prices and dwindling U.S. strategic petroleum reserves.
- Trump previously suggested U.S. companies could return to Venezuela to extract oil.
- Venezuela’s former president Hugo Chavez nationalized many oil assets, including those owned by U.S. companies.
- The U.S. Energy Information Administration tracks Venezuela’s oil reserves and production.
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