Trump Announces U.S.-Venezuela Oil Deal Covering 65 Billion Barrels

U.S. President Donald Trump has announced an agreement with Venezuela that he says will give the United States majority control over oil reserves exceeding 65 billion barrels, marking a potentially significant shift in relations between Washington and the South American oil producer.

Trump announced the agreement on Friday, saying it had been negotiated by senior U.S. officials, including Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, alongside Venezuela’s interim President Delcy Rodríguez.

The announcement represents one of the most ambitious energy arrangements proposed between the two countries after years of political hostility and economic sanctions.

However, the figure of 65 billion barrels does not mean that amount of oil is being immediately transferred or shipped to the United States.

Instead, the agreement concerns Venezuelan oilfields estimated to contain more than 65 billion barrels in proven potential reserves, meaning substantial investment and development would be required before much of the crude could reach international markets.

Agreement Covers 17 Venezuelan Oilfields

According to details reported following the announcement, the arrangement involves the development of 17 oilfields across Venezuela.

The Associated Press reported that the proposed structure includes a private company connected to the United States and an operator, with the U.S. holding a 55% operational interest.

Trump described the agreement as the largest oil deal of its kind and presented it as part of his administration’s effort to strengthen American energy security.

For Venezuela, the arrangement could provide something its struggling petroleum industry badly needs: foreign capital, equipment and technical expertise.

Despite possessing the world’s largest proven crude-oil reserves, estimated at around 300 billion barrels, Venezuela currently produces far below the levels its enormous resources might suggest.

Years of economic instability, sanctions, declining infrastructure and insufficient investment have weakened the country’s ability to extract and export oil.

The new agreement could begin changing that, although rebuilding production capacity would likely take considerable time and money.

U.S.-Venezuela Relations Have Changed Dramatically

The announcement comes during an extraordinary period in relations between Washington and Caracas.

For years, the United States maintained sanctions against Venezuela while accusing the government of Nicolás Maduro of corruption, undermining democratic institutions and involvement in criminal activity.

The political landscape changed dramatically in January 2026 after U.S. forces captured Maduro and transported him to the United States to face federal narcotics-related charges.

Maduro has pleaded not guilty, and the charges against him remain allegations unless proven in court.

His removal opened the way for a new relationship between Washington and Venezuela’s interim authorities, with oil quickly emerging as one of the most important areas of cooperation.

Earlier this year, Trump announced arrangements involving tens of millions of barrels of Venezuelan oil.

Friday’s announcement, however, is potentially far larger.

Venezuela’s Oil Matters to Washington

Venezuela’s geographical position makes its oil particularly attractive to the United States.

Unlike crude imported from the Middle East, Venezuelan oil can be transported relatively quickly to refineries along the U.S. Gulf Coast, several of which have historically been equipped to process Venezuela’s heavy crude.

The agreement also comes as the Trump administration faces pressure over energy costs and seeks additional sources of petroleum.

Increasing Venezuelan production could eventually add more crude to global markets and potentially put downward pressure on prices.

But any suggestion that the agreement will immediately produce cheaper petrol would be premature.

Oil reserves underground are not the same as barrels available for sale.

New wells may need to be drilled, pipelines repaired, facilities modernised and billions of dollars invested before production can rise significantly.

American Oil Companies Could Play Bigger Role

The agreement could also create new opportunities for American energy companies.

Chevron already has significant experience operating in Venezuela, and Reuters has reported discussions that could expand the company’s operations and give it greater control over some Venezuelan projects.

Other international energy companies could eventually become involved if Venezuela provides sufficient legal and financial guarantees.

That remains one of the biggest questions surrounding the announcement.

Foreign companies have previously faced nationalisation, contractual disputes and political uncertainty in Venezuela, making some investors cautious about committing billions of dollars without strong protections.

Could the Deal Affect Ghana and Other Oil Producers?

Although the agreement is primarily between Washington and Caracas, its longer-term effects could extend well beyond the Americas.

Ghana and other oil-producing African economies are affected by movements in international crude prices.

If Venezuela eventually restores significant production and millions of additional barrels enter the global market, increased supply could put downward pressure on oil prices.

For consumers and oil-importing countries, lower crude prices can reduce fuel and transportation costs.

For exporting countries, however, falling prices can mean lower petroleum revenues.

The immediate effect is likely to be limited because developing Venezuela’s neglected oil infrastructure will take time.