President Donald Trump has unveiled a new oil deal with Venezuela, asserting that the United States will secure “majority” control over more than 65 billion barrels of Venezuela’s proven oil reserves. This development is part of a collaboration with private enterprises and involved top US officials, according to Trump. While he emphasized the mutual benefits for both American and Venezuelan citizens, he did not disclose specifics regarding the companies involved, the oil fields in question, or the structure of US control over these reserves.

Venezuela is home to the largest proven oil reserves globally, estimated at approximately 303 billion barrels. Despite the country’s energy sector facing years of decline, it still produces around 1.25 million barrels of crude oil daily. The agreement emerges amid efforts by Washington to boost the flow of Venezuelan oil to US refineries and to entice American investments in Venezuela’s oil industry. Such access could also be instrumental in tackling the rising gasoline prices in the US and replenishing its strategic petroleum reserves.

Recent reports suggested that the US was in advanced negotiations for direct stakes in several significant Venezuelan oil fields, with potential investments from American energy companies running into billions of dollars. This strategy aligns with the US’s broader objectives of enhancing its energy security and stabilizing domestic oil prices.

However, the deal has sparked concerns among segments of Venezuela’s opposition. Critics have raised questions about the extent of US involvement in the nation’s energy resources, highlighting potential sovereignty issues and economic implications for Venezuela.

As US energy firms gear up for potential investments in Venezuela’s oil fields, more details regarding the agreement’s ownership structure and the participating companies are anticipated to surface. This transparency will be crucial in addressing both domestic and international scrutiny surrounding the deal.