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Trump says US will take part control of Venezuela oil reserves in unprecedented plan
Confirmed
"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," Trump wrote on Truth Social.
US president says US will have ‘majority’ control of 65bn barrels of proven oil reserves US president says US will have ‘majority’ control of 65bn barrels of proven oil reserves Donald Trump announced Friday a new US oil agreement with Venezuela’s interim president Delcy Rodríguez, saying the US will have “majority” control of 65bn barrels of proven oil reserves.
Earlier this week, the Wall Street Journal reported that the Trump administration was “in advanced talks with Venezuela for the U.S. to take a direct stake in more than a dozen oilfields that house nearly one-third of the country’s massive energy reserves”.
WASHINGTON (AP) — President Donald Trump said Friday that his administration has entered a sweeping agreement with Venezuela that, if realized, could give the U.S. access to vast amounts of the South American country's untapped oil reserves, at cost.
Trump did not disclose the structure of the agreement, the fields or companies involved or how the United States would exercise majority control over the reserves. The agreement allows for the United States to partner with an unnamed private operator in Venezuela to create a new private company to take hold of the reserves, according to a U.S. official familiar with the contours of the deal.
Giving little specific detail on the arrangement, Trump stated that the US has acquired majority control over more than 65 billion barrels of Venezuela's proven reserves by partnering with private enterprises. Venezuela has the world's largest proven oil reserves , at just over 300 billion barrels, according to the U.S. Energy Information Administration.
Trump in a social media post announcing the agreement said it was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Venezuela's acting President Delcy Rodríguez. Mr. Trump said in a social media post the deal was made "at no cost to the American Taxpayer" and was struck "through a partnership with private business.
During a White House event earlier this year, ExxonMobil CEO Darren Woods said "there's an opportunity in Venezuela," but he called the country "uninvestable" until changes are made to the country's legal and economic system.
What's confirmed
- "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…
- Trump did not disclose the structure of the agreement, the fields or companies involved or how the United States would exercise majority control over the reserves.
- Secretary of State Marco Rubio said on social media the deal will "bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela's economy.
- WASHINGTON (AP) — President Donald Trump said Friday that his administration has entered a sweeping agreement with Venezuela that, if realized, could give the U.S. access to vast amounts of the South American…
- Trump in a social media post announcing the agreement said it was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Venezuela's acting President Delcy Rodríguez.
- US president says US will have ‘majority’ control of 65bn barrels of proven oil reserves US president says US will have ‘majority’ control of 65bn barrels of proven oil reserves Donald Trump announced Friday a new US…
- The terms of the agreement remain to be seen, but the US 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,…
- Mr. Trump said in a social media post the deal was made "at no cost to the American Taxpayer" and was struck "through a partnership with private business.
What's still developing
- Giving little specific detail on the arrangement, Trump stated that the US has acquired majority control over more than 65 billion barrels of Venezuela's proven reserves by partnering with private enterprises.
- David Goldwyn, president of Goldwyn Global Strategies, said it was unclear whether a U.S. government lease would have a legal basis under Venezuela's constitution and its new hydrocarbons law, adding that there is…
- It said the agreement could draw $100 billion in investment into Venezuela's oil industry and yield over $209 billion in taxes for Caracas.
- The agreement allows for the United States to partner with an unnamed private operator in Venezuela to create a new private company to take hold of the reserves, according to a U.S. official familiar with the…
- The company would be the second largest corporate holder of proven reserves after Saudi Aramco, according to the official.
- He has argued that Venezuela stole U.S. oil when former Venezuelan President Hugo Chávez moved decades ago to nationalize hundreds of foreign-owned assets, including those owned by American oil companies.
- Rubio said on X that the agreement would usher in billions in private investment into Venezuela and lead to lower gas prices in the United States.
- Since the US 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 US refineries while promoting…