WASHINGTON — President Donald Trump said Friday that his administration has reached a broad agreement with Venezuela that, if implemented, could give the United States access to some 65 billion barrels of developed oil potential in the South American nation.
Trump, posting on social media, said the arrangement was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Venezuela’s acting president, Delcy Rodríguez. He called it “the biggest oil deal in world history.”
Venezuela’s government said the pact covers development of 17 fields with a proven potential of 65 billion barrels, could attract roughly $100 billion in investment, and might generate more than $209 billion in taxes for Caracas. A U.S. official familiar with the contours of the agreement, speaking on the condition of anonymity because they were not authorized to discuss it publicly, said the deal would let the United States partner with an unnamed private operator to form a new private company that would take control of the reserves. Rodríguez reportedly granted the company 100-year development rights.
According to the U.S. official, the United States would receive an effective 55% of the new company’s output, through a combination of ownership and rights to buy oil at cost. The official said that, on paper, the company would become the second-largest corporate holder of proven oil reserves after Saudi Aramco. The official also said oil purchased from the new company would be used to refill the U.S. Strategic Petroleum Reserve and for military requirements.
The announcement comes as Trump faces pressure to ease U.S. fuel prices. The administration has drawn down the strategic reserve substantially this year; in early August the reserve fell below 300 million barrels, down more than 100 million barrels since the start of 2026. The average U.S. gasoline price was about $4.09 a gallon on Friday, according to AAA, up from $3.21 at the same time last year.
Analysts and industry experts warned that any significant increase in Venezuelan production would take time. Years and billions of dollars will likely be required to repair and expand dilapidated infrastructure before output can rise substantially, they said. Political uncertainty and the long history of damaged assets in Venezuela could also deter major American oil companies from returning quickly; ExxonMobil CEO Darren Woods has previously described the country as “un-investable.”
The deal follows a dramatic shift in Venezuela’s leadership after the U.S.-backed ouster of Nicolás Maduro. U.S. forces carried out an operation months ago, at Trump’s direction, that captured Maduro and brought him to the United States to face federal narcoterrorism and drug trafficking charges. Maduro remains jailed in the U.S. and has pleaded not guilty. Rodríguez, who assumed power after Maduro’s removal, has moved to open Venezuela’s oil sector to private investment and reversed decades of nationalization.
Rubio, posting on X, called the deal a major win that would bring private investment into Venezuela and help lower U.S. gas prices. Rodríguez, writing on Telegram, described the agreement as having the potential to ‘‘significantly impact our nation’s revival.’’
The global energy picture also complicates matters: the U.S.-Israel conflict with Iran has disrupted Gulf oil flows through the Strait of Hormuz, which previously carried about 20% of the world’s seaborne petroleum. That disruption, along with the time needed to restore Venezuelan production, means any relief at the pump in the United States should not be expected immediately.
Venezuela is estimated to hold about 303 billion barrels of crude oil in the ground, roughly 17% of the world’s total according to the U.S. Energy Information Administration. Much of that oil is mapped and known, but longstanding infrastructure problems have left the country producing only a small fraction of global output.
Garcia Cano reported from Caracas.