WASHINGTON/CARACAS — U.S. President Donald Trump says the United States has reached a historic agreement with Venezuela aimed at gaining greater control over the country’s vast oil resources, potentially reshaping the global energy landscape.
Trump said the deal would more than double U.S. oil reserves, significantly increase energy supplies and help reduce fuel prices for American consumers. Venezuela’s interim President Delcy Rodríguez welcomed the agreement, saying it could attract more than $100 billion in private investment and help rebuild and modernize the country’s struggling hydrocarbon industry.
According to Venezuelan officials, the agreement covers 17 strategic oil fields with more than 65 billion barrels of proven reserves. The projects could generate more than $209 billion in tax revenues for the Venezuelan state, while expanding production, infrastructure and international energy cooperation.
U.S. Secretary of State Marco Rubio described the agreement as a major victory for both American and Venezuelan people, while President Trump said the deal was negotiated with Venezuela’s leadership through partnerships involving private businesses. However, key details—including the legal structure, U.S. commitments and the precise nature of Washington’s control—have not yet been publicly disclosed.
The reported arrangement has already raised questions over Venezuelan sovereignty and could face legal and constitutional challenges. If reports of a long-term concession and majority U.S. control of a joint venture are confirmed, the agreement would represent an extraordinary level of American involvement in another country’s strategic natural resources.
Venezuela holds the world’s largest proven oil reserves, estimated at around 303 billion barrels, but its production has fallen dramatically from its peak. Washington argues that restoring the country’s oil industry could increase global supplies, while Caracas presents the agreement as a pathway toward economic recovery.
The deal marks a potentially historic turning point in U.S.-Venezuela relations, but its long-term impact will depend on the final terms, implementation and how Venezuela’s institutions and public respond to the proposed arrangement.
Source: BBC
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