Trump Announces New U.S. Oil Agreement with Venezuela

Reuters

U.S. President Donald Trump waves to reporters after arriving aboard Marine One.

U.S. President Donald Trump announced on Friday a new oil agreement between the United States and Venezuela, saying Washington would secure “majority” control over the country’s proven oil reserves.

Trump said the agreement, reached with Venezuela’s interim president Delcy Rodríguez, covers around 65 billion barrels of proven oil reserves, potentially giving the United States significant control over Venezuela’s vast energy resources.

The terms of the agreement remain to be seen, but the U.S. president said on his social-media platform that it had been brokered “through a partnership with ⁠private business” by his secretary of state, Marco Rubio, and defense secretary, Pete Hegseth.

The administration, Trump wrote, has “secured majority U.S. control of more than 65 BILLION ‌BARRELS of proven Oil ‌Reserves in Venezuela, at no cost to the ‌American Taxpayer”.

"This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans," Trump posted on social media.

“This deal is a huge win for both the American and Venezuelan people,” Rubio wrote on social media.

Venezuela's interim President, Delcy Rodriguez, hailed the agreement as one that would help her nation's economic revival.

Venezuela has an estimated 303bn barrels of proven oil reserves, the world’s largest.

Since the U.S. captured and removed former Venezuelan president Nicolás Maduro from power in January, Washington has been trying ‌to secure a stable flow of Venezuelan crude oil for U.S. refineries while promoting American investment into the Opec country’s deteriorated energy industry, which produces 1.25m barrels per day of crude.

The reports caused unease and anger among members of Venezuela’s opposition, who are already up in arms about Trump’s failure to bring about genuine political change after capturing Maduro.

“It’s a land grab – a massive land grab,” said one well-known opposition figure who asked not to be named because of the sensitivities of criticizing the US. “It’s revolting because this is not the United States one would have [expected]. This is not the United States of the Marshall plan. This is a rapacious, mafioso United States.”

The announcement comes as Chevron and other U.S. energy companies are expected to sign a deal next week investing billions in Venezuela’s oil fields, according to the Journal.



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