President Donald Trump says the United States has secured majority control over more than 65 billion barrels of Venezuela’s proven oil reserves through an arrangement involving private business, an extraordinary expansion of Washington’s role in the country with the world’s largest proven crude reserves.
The announcement promises nearly $100 billion in private investment and a large increase in Venezuelan production, but major questions remain over the legal structure, participating companies and the time required to revive aging fields and infrastructure. For Venezuela, the deal could deliver badly needed investment and revenue; for the United States, it represents a bid to secure a vast new source of heavy crude and reduce pressure on fuel supplies and prices.
Washington announces an unprecedented arrangement giving the United States a commanding interest in a large block of Venezuela’s proven reserves, with private companies expected to invest heavily in production.
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U.S. claims majority control of more than 65 billion barrels of proven oil reserves.
Russian drone strike and secondary blast kill at least 37 near Kyiv.
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The American role in Venezuela has entered a new phase. Months after Nicolas Maduro was removed from power, President Donald Trump says Washington has secured majority control over more than 65 billion barrels of proven Venezuelan oil reserves through a partnership with private business. That represents roughly a fifth of the country’s enormous proven reserves and, if implemented as described, would give the United States extraordinary influence over one of the world’s most important petroleum resources. The attraction is obvious. Venezuela possesses immense reserves of heavy crude suited to many U.S. refineries, while its current output remains far below historic levels after years of underinvestment, sanctions and deteriorating infrastructure. The proposed arrangement could bring close to $100 billion in private investment, according to U.S. officials, while Venezuela’s interim government says development of 17 strategic fields could generate substantial new tax revenue. But the announcement leaves important questions unanswered. Trump did not identify the companies, fields, legal mechanism or precise meaning of “majority control,” and Venezuela’s constitution and oil laws have historically reserved a central role for the state. Rebuilding production will also take time and money. The agreement therefore carries significance even before another barrel is pumped: it signals that the aftermath of political upheaval in Venezuela is becoming inseparable from control of its oil, giving Washington a direct economic stake in how the country is rebuilt and governed.