Historic US-Venezuela Oil Deal - $100 Billion in Private Investment. Will Generate Over $209 Billion in Revenue
US President Donald Trump announced a deal to take control of part of Venezuela's vast oil reserves. "The United States of America has just entered into a deal with Venezuela, the largest oil producer in the history of the world!" Trump wrote on his Truth Social platform. He added that it would be "at no cost to the American taxpayer."
Venezuelan President Rodriguez welcomed the "historic" agreement, which she said would "have a significant impact on the rebirth of our nation." She said it would bring in $100 billion in private investment and generate more than $209 billion in tax revenue for the treasury.
Few details were spelled out in Trump's initial announcement, but the deal promises to ultimately double U.S. oil reserves at a time when the Strategic Petroleum Reserve is at a 40-year low. Trump said the deal would cover 65 billion barrels of oil — just over a fifth of the country's proven reserves.
The deal would provide "stable reserves and low-cost oil" for the US, while also promoting "the reconstruction of Venezuela's economy."
The deal comes nearly nine months after U.S. forces ousted and kidnapped Venezuelan leader Nicolas Maduro. Since then, and under intense pressure, Rodriguez has taken steps to open Venezuela's oil sector to U.S. investment.
Venezuela has the world's largest proven oil reserves, totaling 303 billion barrels. But production has long lagged behind other major oil-producing countries due to chronic mismanagement, declining infrastructure and sanctions.
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