What we know about Trump’s deal giving US access to vast oil reserves in Venezuela
Summary
President Donald Trump announced a deal giving the United States access to large oil reserves in Venezuela. The deal involves a new private company formed with U.S. and Venezuelan partners to develop 17 oil fields, with the U.S. receiving a majority share and rights to buy oil at cost. This move follows the U.S. capture of Venezuelan President Nicolás Maduro earlier in the year.Key Facts
- The deal grants the U.S. access to Venezuela’s vast oil fields for 100 years through a newly formed private company.
- Venezuela’s acting President Delcy Rodríguez said the deal could attract $100 billion in investment and generate over $209 billion in taxes.
- The agreement includes 17 oil fields with an estimated 65 billion barrels of oil reserves.
- The U.S. will hold a 55% effective share in the new company and rights to buy oil at cost for its strategic reserves and military use.
- No official text of the agreement has been released yet.
- The deal was negotiated by U.S. Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and Delcy Rodríguez.
- Experts say Venezuela’s damaged oil infrastructure means oil production increases and lower U.S. gas prices will not happen quickly.
- The deal comes after U.S. forces captured Nicolás Maduro in a raid and brought him to New York on drug trafficking charges.
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