US President Donald Trump has announced a major oil venture in Venezuela, declaring that a deal with the nation's interim president "more than doubles American oil reserves." The announcement follows the deposition of former leader Nicolas Maduro, who was extracted from the country earlier this year and is now awaiting trial in a New York prison.
Deal details revealed on Truth Social
In a post on Truth Social, Trump said the deal, made with interim President Delcy Rodriguez, secures majority US control of more than 65 billion barrels of proven oil reserves in Venezuela, at no cost to the American taxpayer. He described it as "THE BIGGEST OIL DEAL IN WORLD HISTORY!"
Trump revealed that the deal was forged with the help of Secretary of State Marco Rubio and Secretary of War Pete Hegseth, working closely with Rodriguez, through a partnership with private business. He boasted, again in capital letters, that the transaction "MORE THAN DOUBLES American Oil Reserves."
Officials tout benefits for both nations
Rubio said in his own statement that the deal was "a huge win for both the American and Venezuelan people." He added in a social media post: "For the Venezuelan people, this deal will bring nearly $100 billion (£73.8 million) in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela's economy."
Rodriguez, who is now running the country under tight US control, claimed the deal will be a huge boon for the nation. She said the deal calls for the development of 17 strategic oil fields and potential of 65 billion barrels, while confirming the private investment. She said: "These investments will contribute not only to the recovery and modernization of our industry, but also to our country's economic growth, the energy security of our hemisphere, and greater balance in international markets."
Background of the US operation in Venezuela
The announcement is a continuation of the US pursuit of oil in the nation, following an audacious military operation conducted this year to depose and extract Maduro. He was plucked from the nation's capital, Caracas, during 'Operation Absolute Resolve', after an unsealed indictment accused him and his associates of conspiring with Colombian guerrilla groups to traffic drugs to the US.
Trump has made no secret that he covets Venezuela's oil reserves. He teased American plans to retrieve the country's oil in immediate official comments on the operation, saying private companies would "go in" and "start making money." He said at a press conference: "We're going to have our very large US oil companies, the biggest anywhere in the world, go in, spend billions of dollars, fix the badly broken infrastructure, the oil infrastructure, and start making money for the country and we are ready to stage a second and much larger attack if we need to do so."
Since then, Maduro and his wife, Cilia Flores - who was also indicted - have been awaiting trial at the Metropolitan Detention Center (MDC) in Brooklyn, New York. They will face trial in June next year, with a pre-trial hearing set for November 17 this year set to hear motions from both parties.
