Trump claims ‘majority’ US control of Venezuelan oil reserves in new deal

US President Donald Trump announced a new oil agreement with Venezuela on Friday, claiming it gives the United States “majority” control of 65 billion barrels of proven oil reserves.

Trump said the agreement with Venezuela's interim president Delcy Rodríguez was brokered through a partnership with private businesses by Secretary of State Marco Rubio and Defence Secretary Pete Hegseth.

The administration has “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 US oil reserves, although he provided few details about its structure, the companies involved or how Washington would exercise control.

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

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

Washington has sought to increase Venezuelan crude supplies to US refineries and encourage US investment in the country's energy industry since former president Nicolas Maduro was removed from power in January.