--- title: "US secures control over 65bn barrels of Venezuelan oil reserves" publisher: "Stockmark.IT" author: "Stockmark.IT Website" published: "2026-08-30T07:02:43+00:00" modified: "2026-08-30T07:02:43+00:00" date: 2026-08-30 canonical: "https://stockmark.it/trump-hails-historic-deal-for-us-to-control-65bn-barrels-of-venezuelas/" category: "Business" categories: ["Business", "Companies", "Energy", "Oil & Gas"] image: "https://i0.wp.com/stockmark.it/wp-content/uploads/2026/08/us-secures-control-over-65bn-barrels-of-venezuelan-oil.png?fit=1536%2C1024&quality=80&ssl=1" format: "news" language: "en-GB" --- # US secures control over 65bn barrels of Venezuelan oil reserves **Published:** August 30, 2026 **Author:** Stockmark.IT Website **Categories:** Business, Companies, Energy, Oil & Gas **Featured image:** ![US secures control over 65bn barrels of Venezuelan oil reserves](https://i0.wp.com/stockmark.it/wp-content/uploads/2026/08/us-secures-control-over-65bn-barrels-of-venezuelan-oil.png?fit=1536%2C1024&quality=80&ssl=1) --- The United States has reached an agreement with Venezuela to assume control of more than 65 billion barrels of the South American nation’s proven oil reserves, President Donald Trump has announced. The deal, which the US president described as historic, is intended to more than double American oil reserves and substantially lower domestic fuel prices. Venezuelan interim President Delcy Rodríguez characterised the arrangement as a pivotal step towards the country’s economic revival, citing significant private investment and job creation as key benefits. According to an unnamed US official speaking to CBS News, the US government will retain 55 per cent control of a joint venture with an experienced private operator in Venezuela. The agreement reportedly grants the venture a 100-year concession to operate in the oil fields. Secretary of State Marco Rubio stated that the deal would bring nearly 100 billion dollars in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela’s economy. He described the outcome as a major victory for both the American and Venezuelan people, though few specific details regarding the terms or commitments were released at the time of the announcement. The move comes amid significant domestic pressure on the US administration to tame petrol prices, which have spiked due to the ongoing conflict in Iran. Trump has previously vowed to tap into Venezuela’s reserves, the largest in the world, following the capture of former President Nicolás Maduro in January. The US special forces raid on the Venezuelan capital resulted in the detention of Maduro and his wife, Cilia Flores, ostensibly to stand trial on drug charges in New York. Trump has claimed that the US is entitled to these resources, alleging that Venezuela had previously unilaterally seized and sold American oil and assets, costing billions of dollars. Analysts have reacted with scepticism regarding the immediate impact of the deal on global markets. David Goldwyn, president of energy consultancy Goldwyn Global Strategies, noted that there is no precedent for the US government entering into a lease to operate Venezuelan oil fields. He questioned whether such a move would violate Venezuela’s constitution or hydrocarbons law and expressed doubt that the arrangement would accelerate investment at any material scale, citing political uncertainty, a weak power grid, and limited export capacity. Rachel Ziemba from the think tank The Center for New American Security added that the deal is unlikely to have any material impact on global oil supplies in the next month or even the next year. Venezuela’s interim president stated that the agreement calls for the development of 17 strategic oil fields with a proven potential of 65 billion barrels. She claimed the deal would involve an investment of more than 100 billion dollars and generate more than 209 billion dollars in taxes for the country. These investments are expected to contribute to the recovery and modernisation of the industry, as well as the country’s economic growth and the energy security of the hemisphere. However, the official text of the agreement between Washington and Caracas has not been published, leaving the legal and constitutional implications unclear. The Wall Street Journal reported that US energy firms Chevron and Halliburton were nearing deals to invest billions in overhauling the infrastructure in Venezuela’s oil fields. Many of these fields have not been developed since production plummeted from its peak in the late 1990s. This decline was driven in part by tightening controls over the state-run oil firm and US sanctions targeting the country’s main economic lifeline. Alexander Kuiper, an oil, gas and mineral lawyer, cautioned that while the headline may help with oil prices, it is unclear whether those reserves will turn into actual investment and how long that process will take to produce results. The nature of the agreement appears wider in scope than the US-led Coalition Provisional Authority’s control over Iraq’s oil revenues following the 2003 invasion. The deal grants the US direct governance over a foreign country’s sovereign national resources, a highly unusual arrangement. Despite the potential for long-term economic benefits, experts note that Venezuela’s oil reserves are composed of heavy, sour oil, which is harder to refine and primarily used for diesel and asphalt, whereas the US typically produces light, sweet oil useful for petrol. This distinction may limit the immediate effect on domestic petrol prices, despite the administration’s stated goals. --- **Original URL:** https://stockmark.it/trump-hails-historic-deal-for-us-to-control-65bn-barrels-of-venezuelas/ *Created by [WP Markdown Endpoint](https://wpmarkdownendpoint.com/)*