WASHINGTON — President Donald Trump says the United States, working with private businesses, has secured majority control over more than 65 billion barrels of Venezuela’s proven oil reserves.
Trump said the arrangement was negotiated with the administration of Venezuelan interim President Delcy Rodríguez. Venezuela’s leadership welcomed the announcement, arguing that foreign investment could revive production, improve infrastructure and increase government revenue.
The president provided few details explaining which companies would participate, how ownership or operational control would be structured, or which Venezuelan approvals would be required. Any large-scale development would also face challenges created by ageing facilities, political risk and the high cost of restoring production.
The proposed partnership is expected to seek close to $100 billion in investment. Projections cited in connection with the announcement suggest it could eventually produce approximately $209 billion in Venezuelan tax revenue, although those estimates depend on implementation and market conditions.
Why it matters: Venezuela possesses the world’s largest proven oil reserves. A substantial American role could influence global crude supplies while generating debate over sovereignty and control of the country’s natural resources.
