Trump Says U.S. Secures Control of 65 Billion Barrels of Venezuelan Oil, to Hold It for 100 Years

[Financial News]  

U.S. President Donald Trump said on the 28th that the United States has secured control over more than 65 billion barrels of Venezuelan oil.
The remark suggests that the January transfer of Venezuelan President Nicolás Maduro Moros to the United States after his arrest by U.S. special forces on drug trafficking charges may ultimately have been driven by oil interests.
According to foreign media outlets including the Financial Times (FT), Trump said on his social media platform Truth Social late that night that Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and Venezuelan interim President Delcy Rodríguez had agreed to the "biggest oil deal in world history."
Trump said, "This historic deal, which is more than twice the size of U.S. oil reserves, will massively increase our oil supply and greatly lower gas prices for all Americans in the future." He added, "At the same time, it will help Venezuela continue on the path to tremendous success and great prosperity." He also noted that "this deal will greatly strengthen the already improving relationship between Venezuela and the United States."

A White House official said the United States will secure 55% of the actual production from the newly created private joint venture. The venture would become the world's second-largest private oil company by reserves after Saudi Aramco. The official added that the joint project between the U.S. government and a "private operator with experience in this sector in Venezuela" will hold rights for 100 years to oil fields with confirmed reserves of 65 billion barrels.
Secretary of State Marco Rubio said the agreement would bring in "nearly $100 billion in private investment" to Venezuela and "drive economic reconstruction."
The announcement came as U.S. gasoline prices have been surging ahead of the November midterm elections.
After Maduro was arrested in January, the United States lifted sanctions on Venezuela to allow U.S. companies to invest in the oil sector. Venezuela also passed oil-related laws in January, sharply reducing the role of state oil company Petróleos de Venezuela, S.A. (PDVSA) and allowing private companies to directly operate oil wells.
Based on that, European oil majors including Repsol, Eni, and Shell plc signed contracts with the Venezuelan government this year, while Chevron Corporation, the U.S. oil major that has operated in Venezuela for the past 100 years, expanded its stake in a joint venture with PDVSA in April.

Private-sector experts pointed out that the large-scale production increase promised by Trump would require years of development and massive investment.
Michael Alfaro, chief investment officer at energy hedge fund Gallo Partners, said, "This agreement appears to be one of a series of actions President Trump is taking to bring down oil prices," but added, "large reserves do not immediately translate into higher supply." He noted that it is unclear who would make such enormous investments and that such projects require a long time span, often across multiple regime changes.
Venezuela's current oil output is about 1.12 million barrels per day, less than 10% of the United States' 13.8 million barrels per day.
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