Trump says US is taking partial control of Venezuela's vast oil reserves

Donald Trump has said the US has entered into an agreement with Venezuela to take control of a fifth of the country's oil reserves.

The US president provided few details about the agreement, ​saying only that the US had secured majority control of more than 65 billion barrels of Venezuela's proven oil reserves through a partnership with private business.

The new deal represents a dramatic expansion of the US role ⁠in Venezuela's oil industry.

In a post on his Truth Social platform, Mr Trump said the deal had been negotiated by secretary of state Marco Rubio, defence secretary Pete Hegseth and Venezuela's interim president Delcy Rodriguez.

"At my direction, Secretary of State Marco Rubio, and Secretary of War Pete Hegseth, working closely with Highly Respected Interim ​President of Venezuela, Delcy Rodriguez, and, through a partnership with private business, have secured majority U.S. control of more than 65 ‌BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer," Mr Trump said.

Mr Trump added that the transaction "MORE THAN DOUBLES American Oil Reserves".

Mr Rubio said the agreement would usher in billions in private investment into Venezuela and lead to lower gas prices in the US.

"This deal is a huge win for both the American and Venezuelan people," he wrote on X.

Ms Rodriguez also welcomed the agreement, saying it would boost the Venezuelan economy and "have a significant impact on our nation's revival".

Her government said in a statement that the deal involves the development of 17 fields with a proven potential of 65 billion barrels.

It said the agreement could draw $100bn in investment into Venezuela's oil industry and yield over $209bn in taxes for Caracas.

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The announcement comes almost nine months after the US military carried out an operation to capture Venezuela's then president Nicolas Maduro to face federal narcoterrorism and drug trafficking charges in the US.

Mr Trump is facing increasing pressure as the US midterm elections loom, and gas prices have spiked because of the war with Iran, which the US and Israel started six months ago.

Venezuela has one of the largest oil reserves in the world, amounting to about 17% of the world's supply, according to the US Energy Information Administration.

Unlike other parts of the world, where geologists have to search for untapped oil, the reserves under Venezuela's soil are largely mapped and known - but because of dilapidated infrastructure, the country only produces about 1% of the world's oil.

(c) Sky News 2026: Trump says US is taking partial control of Venezuela's vast oil reserves