Trump announces new US oil agreement with Venezuela

“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.

Trump said the agreement would more than double American oil reserves.

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

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

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 American investment ?into the Opec country’s deteriorated energy industry, which currently produces some 1.25m barrels per day of crude.

Trump is under pressure before November’s midterm elections over rising gasoline prices, ?which could ?be eased through ?cheaper oil supplies and expanded output.

The US ?also has ?been looking ?for solutions ?to replenish its strategic petroleum reserve, the oil stockpile, including the possibility of crude swaps with US producers.

The Trump administration’s talks with Venezuela were first reported earlier this week by the Wall Street Journal and Axios.

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.”

Tom Phillips and Reuters contributed reporting