President Trump announced that the United States has secured majority control of more than 65 billion barrels of Venezuelan oil reserves, negotiated by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth with Venezuela's interim government. The deal gives the US 55% effective output of a new joint venture and a 100-year development concession, arriving as US gasoline prices remain near $4.09 a gallon and the Fed weighs inflation risk.
President Trump announced Friday that the United States has secured majority US control of more than 65 billion barrels of proven Venezuelan oil reserves, negotiated by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth with Venezuela's interim government. Secretary Rubio called the agreement "a huge win for both the American and Venezuelan people".
US gets 55% of a new joint venture
The arrangement grants the US 55% effective output of a new joint venture oil company, with 100-year concessions covering fields in the Orinoco Belt and Lake Maracaibo. Venezuela's government said the deal covers 17 strategic oil fields with a proven potential of 65 billion barrels.
A US official told Axios, as reported by CoinGape, that the deal is structured as a public-private partnership rather than a direct cash purchase, with the venture overseen by the Pentagon's Office of Strategic Capital. Venezuela projects $100 billion in private investment and $209 billion in tax revenue from the arrangement, and the resulting company would hold the second-largest proven reserves of any corporate entity globally, after Saudi Aramco.
Deal follows Maduro's capture
The agreement comes roughly nine months after US forces captured former Venezuelan President Nicolás Maduro in January 2026 on federal narcoterrorism charges, an operation that installed Delcy Rodríguez as interim leader and opened the door to the energy talks. Venezuela currently produces only 1.25 million barrels per day, far below its potential after years of underinvestment, sanctions and infrastructure decline.
Gas prices and inflation form the backdrop
US retail gasoline sits near $4.09 a gallon, while Strategic Petroleum Reserve stocks have fallen below 300 million barrels. Against that backdrop, Fed Chair Kevin Warsh warned of rising inflation at the Jackson Hole symposium this week, while holding firm on a 2% PCE target.
Still, no field list, named private operator or full contract text has been released. Venezuelan opposition figures have described the concession as unconstitutional, and a 100-year deal signed under a US-installed interim government carries political reversal risk.
Sources: The Daily Hodl, CoinGape
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