Rubio says landmark deal will create high-paying jobs and help rebuild Venezuela’s battered economy.
Image: ABC News
US President Donald Trump has announced an agreement under which the United States will secure majority control of more than 65 billion barrels of Venezuela’s proven oil reserves through a partnership with private companies.
Trump said the arrangement, negotiated with Venezuelan interim President Delcy Rodríguez by Secretary of State Marco Rubio and Secretary of War Pete Hegseth, would come at no cost to US taxpayers and expand American access to Venezuela’s vast energy resources.
The agreement is expected to involve development of 17 strategic oil fields, with nearly $100 billion in private investment aimed at reviving Venezuela’s struggling oil industry.
Rubio described the deal as beneficial to both countries, saying it would provide stable, low-cost oil supplies to the United States while supporting high-paying jobs and helping rebuild Venezuela’s economy.
Venezuela possesses the world’s largest proven oil reserves but its production has fallen sharply after years of underinvestment, mismanagement and sanctions. The deal is intended to attract fresh investment and restore production capacity.
However, questions remain over the agreement’s legal framework, as Venezuela’s constitution and hydrocarbons laws have traditionally reserved strong state control over the oil sector.
