Nearly $100 billion in private investment expected to revive industry
An oil tanker is seen on Lake Maracaibo in Venezuela, on March 9, 2026. (Photo: AFP)
WASHINGTON - President Donald Trump said on Friday that his administration has reached a huge oil deal with Venezuela that gives the United States majority control of 65 billion barrels of proven petroleum reserves.The deal — which Trump proclaimed as “the biggest oil deal in world history” — will bring nearly $100 billion in private investment to Venezuela, US Secretary of State Marco Rubio said.
Venezuela has the world’s largest proven oil reserves. Its government has operated under intense pressure and close scrutiny from the Trump administration since the US ousted and captured long time ruler Nicolas Maduro in January. It allowed his then vice president, Delcy Rodriguez, to stay on and serve as interim leader so long as she toes the US line.
Trump has made no secret of his desire to secure Venezuelan oil for the US, and in his post announcing the deal on his Truth Social platform, he said it will more than double US oil reserves.
