Trump announces US agreement for majority control of Venezuela oil reserves

Trump announced on Friday via Truth Social that the United States has secured an agreement for majority control of Venezuela’s proven oil reserves, calling it the biggest oil deal in world history. The deal covers about 65 billion barrels of proven petroleum reserves and could attract nearly $100 billion in private investment, with Venezuelan interim leader Delcy Rodriguez confirming it would generate over $209 billion in tax revenue for Venezuela and help rebuild its economy. United States Secretary of State Marco Rubio and Defence Secretary Pete Hegseth negotiated the agreement, which Rubio said delivers ‘America First’ benefits by bringing investment, jobs, and economic reconstruction to Venezuela.

Despite the optimistic claims, questions remain about how the US will actually obtain control of the oil assets—whether through sale, title transfer, or only upon production—according to energy researcher Jorge Pinon. Venezuela holds the world’s largest proven crude oil reserves, estimated at roughly 300 billion barrels, and US oil companies have been cautious about investing due to deteriorating infrastructure and security concerns. Chevron, the only US producer still operating in Venezuela when Maduro was ousted, reported July output of 280,000 barrels per day and plans to raise production by another 50 percent by the end of 2028.

As Nigeria is a major oil exporter, shifts in global oil supply from such deals could influence international prices and affect Nigeria’s oil revenue and fuel costs. How might this US‑Venezuela agreement impact global oil markets and Nigeria’s energy sector?

SOURCE: https://dailypost.ng/2026/08/29/trump-announces-us-majority-control-of-venezuelas-oil-reserves/