US President Donald Trump has said Washington is making an unprecedented push to take control of about a fifth of Venezuela's vast oil reserves, claiming it will provide relief to Americans' pain amid soaring energy prices.
The “biggest oil deal in world history” would give the US control over more than 65 billion barrels of crude, Mr Trump said in a post on his Truth Social platform on Friday.
He said the “historic transaction” was being co-ordinated by Secretary of State Marco Rubio and Secretary of Defence Pete Hegseth with Venezuela's interim President Delcy Rodriguez “through a partnership with private business”.
No details were provided, including which oilfields and companies are involved, or how the US would exercise control. Reuters reported that the fields are in the Orinoco Belt and Lake Maracaibo regions.
It is also unclear if the agreement would face legal or regulatory challenges, particularly in Venezuela. Neither Washington nor Caracas have not released any official statement related to Mr Trump's announcement.
Venezuela has the world's largest proven reserves of crude oil with more than 303 billion barrels, accounting for about 17 per cent of global supply.
Mr Trump claimed the agreement “more than doubles American oil reserves, greatly increases our oil supply, and will substantially lower gas prices for all Americans, long into the future, while helping to continue to set Venezuela on a course towards tremendous success and great prosperity”.
Inflation has remained elevated in the US and gas prices have soared by as much as 50 per cent amid its war on Iran, drawing the ire of American consumers and causing Mr Trump's approval ratings to reach historic lows.
“This transaction will greatly strengthen the already growing relationship between Venezuela and the United States,” Mr Trump said.
The apparent agreement comes after weeks-long negotiations between Washington and Caracas over another deal that would give American companies long-term access to a group of Venezuelan oilfields and guarantee the resulting crude supply to the US.
Venezuelan officials are preparing to sign agreements next week granting new oil exploration and production rights to several companies, particularly US firms.
It also comes after US operatives captured former Venezuelan President Nicolas Maduro in January, in a move the White House said would usher in a new political and economic era in the South American country.
At that time, Mr Trump claimed that interim Venezuelan authorities would turn over 30 million to 50 million barrels of “sanctioned” oil to the US. Shortly after that, Mr Trump pushed for the world's largest oil companies to invest $100 billion in Venezuela.
