WASHINGTON, AUGUST 29: US President Donald Trump has declared the conclusion of an energy deal with Venezuela, asserting that the arrangement grants the United States majority control over more than 65 billion barrels of proven crude oil reserves.
The framework was negotiated by Secretary of State Marco Rubio and Secretary of War Pete Hegseth in coordination with Venezuelan Interim President Delcy Rodriguez alongside private industry partners. Administration officials stated that the partnership was structured at no direct cost to American taxpayers and will effectively double total domestic crude reserves.
The diplomatic breakthrough follows months of strategic oversight and sanctions enforcement after a US military operation in January led to the detention of former Venezuelan leader Nicolas Maduro on federal drug trafficking charges.
President Trump maintained that expanding access to South American crude will help stabilize domestic fuel prices and assist Venezuela in achieving economic recovery. Industry observers note that while Venezuela holds roughly 17 percent of global petroleum reserves, aging infrastructure has historically constrained output to around one percent of global supply.
