US Gains Majority Stake in Venezuelan Oil Reserves

On August 29, 2023, US President Donald Trump announced an agreement granting the United States majority control over more than 65 billion barrels of proven crude oil reserves in Venezuela. The deal, negotiated by Secretary of State Marco Rubio, Defence Secretary Pete Hegseth, and Venezuelan Interim President Delcy Rodríguez, establishes a public-private partnership, allowing the US to hold a 55 percent stake in operations across 17 oil fields.

Trump described the agreement as “the biggest oil deal in world history,” stating it was achieved “at no cost to the American taxpayer.” The US administration anticipates that the additional reserves will enhance domestic supply networks and reduce fuel prices over time. Rubio emphasized that the deal would bring nearly $100 billion in private investment to Venezuela, creating thousands of high-paying jobs and aiding in the country's economic reconstruction.

Rodríguez welcomed the agreement, which secures 100-year operating concessions and is expected to generate over $209 billion in state tax revenues, marking a new era of recovery and growth for Venezuela.