United States President Donald Trump has announced a landmark agreement with Venezuela, described as the largest oil deal in industry history. The pact grants American authorities control over more than 65 billion barrels of Venezuela’s proven reserves—approximately 20% of the nation’s total.
Under the terms of the deal, Venezuela aims to attract over $100 billion in private investment to rebuild its oil infrastructure. The agreement also projects that Venezuelan government revenues from the project could exceed $209 billion, which are intended for economic revitalization efforts.
The White House emphasized that American taxpayers will not bear the costs of this initiative. Instead, the Trump administration expects increased oil supply to strengthen the United States’ raw material base and eventually lower gasoline prices domestically.
Venezuela is reportedly considering its exit from OPEC. This potential move would allow the nation to increase production without being bound by cartel quotas—a development that could significantly alter global energy dynamics. The decision follows negotiations between Venezuelan officials and U.S. representatives after the country’s leadership transition and renewed diplomatic ties with Washington.
Currently, Venezuela operates outside OPEC constraints due to a severe decline in oil output—production has dropped three times compared to levels in the 1990s. By leaving the organization, Caracas would gain greater flexibility to boost production without OPEC-imposed limits. This step is particularly relevant as the nation seeks to expand output through partnerships with American energy firms.
Venezuela holds the world’s largest proven oil reserves—303 billion barrels (19.4% of global holdings). Despite this vast resource base, the country has struggled with production since the late 1990s due to U.S. sanctions and lack of investment. Recent efforts, including partial easing of restrictions and collaboration with companies like Chevron, have helped lift daily output from around 500,000 barrels per day in 2020 to approximately 1.1–1.2 million barrels by the end of 2025.
With the arrest of former President Nicolas Maduro and the establishment of a transitional government under interim leader Delcy Rodriguez, Venezuela has embarked on an oil industry recovery plan. The nation aims to increase production to 1.37–1.5 million barrels per day by the end of 2026, supported by American firms such as Halliburton.
The agreement includes the development of 17 strategic heavy oil fields, which will require approximately $100 billion in investment from private companies. This project is expected to modernize Venezuela’s aging infrastructure while also positioning the country for greater independence in global oil markets.
