Saturday, August 29th 2026 - 04:58 UTC
“We have secured majority US control of more than 65 billion barrels of proven oil reserves in Venezuela, at no cost to the American taxpayer,” Trump wrote
US President Donald Trump announced on Friday an agreement with Venezuela's interim government granting Washington majority control over more than 65 billion barrels of proven Venezuelan crude reserves, around 21% of the country's total. Acting president Delcy Rodríguez confirmed the deal.
According to a US official who asked not to be identified, the arrangement is structured through a joint venture between the US government and a private operator based in Venezuela whose identity has not been disclosed. Rodríguez granted that company 100-year concessions over fields containing some 63 billion barrels. Washington will control 55% of effective output, split between an equity stake and the right to buy crude at cost. The same official described the new company as the world's second-largest corporate holder of proven reserves, after Saudi Arabia's Aramco.
“We have secured majority US control of more than 65 billion barrels of proven oil reserves in Venezuela, at no cost to the American taxpayer,” Trump wrote on his social network, adding that the transaction “more than doubles American oil reserves.” US proven crude reserves stand at around 48 billion barrels, though the reserves being added lie in Venezuelan territory and are controlled through a corporate stake.
