Trump Claims U.S. Deal Seizes Control of 65 Billion Barrels of Venezuelan Oil amid Gas Price Surge

A Bold Claim from the White House

President Donald Trump announced on Tuesday that the United States has entered into an agreement with Venezuela that would give Washington direct control over 65 billion barrels of the South American country’s oil reserves. The statement, made during an impromptu press availability, came as the administration faces mounting domestic anger over stubbornly high gasoline prices and a six-month-old war in Iran that continues to rattle global energy markets.

While the White House did not immediately release any official documents or name the negotiators involved, Trump insisted the deal was already finalized. “We’ve taken a huge step to secure American energy dominance for decades,” he said. “This is a win for every driver at the pump and a loss for the cartels that have been bleeding our wallets dry.”

What ‘Take Control’ Could Mean

The phrase “take control” remains legally and operationally ambiguous. Energy analysts and former diplomats quickly pointed out that the U.S. does not have a state-owned oil company that could directly operate foreign fields, and any such arrangement would likely require a complex web of licenses, sanctions waivers, or joint ventures with U.S. private-sector firms.

Possible interpretations include a production-sharing agreement in which U.S. companies would be granted exclusive rights to extract and export a specific volume of crude, a temporary receivership meant to bypass the Maduro government, or a broader sanctions relief package tied to U.S. energy security guarantees. The State Department has not clarified whether the deal requires approval from the Venezuelan opposition, the National Assembly, or any international body.

The 65 Billion Barrel Figure

Venezuela is widely known to hold the world’s largest proven oil reserves, estimated at more than 300 billion barrels. The 65 billion barrels cited by Trump appears to reference a subset of these deposits—possibly the heavy crude belt of the Orinoco region, where much of the untapped resource lies, or a calculation of what could be technically recoverable under current market conditions with U.S. technology.

“The number doesn’t match the publicly available OPEC data,” said a senior energy consultant who requested anonymity. “Fifty-five or sixty-five billion barrels are closer to the volume of one major field block, not the total national reserves. The administration needs to provide a clear breakdown of what that figure represents.”

Political Pressure and Gas Prices

The announcement arrives as Trump’s reelection campaign grapples with economic headwinds. National average gasoline prices have hovered above $4.80 per gallon for weeks, and the cost of diesel is squeezing supply chains. In recent town halls, voters have repeatedly asked what the administration is doing to lower energy bills.

The unresolved war in Iran—now entering its seventh month without a clear exit strategy—has compounded the problem. Tanker routes through the Strait of Hormuz have been disrupted intermittently, and insurance premiums for oil shipments have skyrocketed. Together, these factors have created a potent political liability that the Venezuela deal appears designed to neutralize.

“Presidents under pressure often reach for dramatic foreign policy announcements,” noted a former U.S. trade negotiator. “Whether this is a real, enforceable agreement or a rhetorical device will determine how markets and voters react.”

Geopolitical Implications

If a deal does exist, it would mark a dramatic reversal in U.S.-Venezuela relations. Washington has maintained stiff sanctions on Nicolás Maduro’s government since 2019, and several U.S. refineries have been barred from importing Venezuelan crude. A sudden thaw—even one limited to oil extraction—could reshape alliances across Latin America and may draw objections from opposition figures like Juan Guaidó, who has long argued that Maduro’s regime must not be rewarded.

Cuba, Russia, and China, all of which have significant investments in Venezuela’s energy sector, would also be watching closely. Any move giving U.S. companies a privileged role could be seen as a violation of existing contracts, potentially triggering international arbitration.

Caracas has yet to issue an official statement. Maduro, who has used oil pledges as a bargaining chip in past negotiations, was characteristically silent on his social media channels throughout the day.

Calls for Transparency

Lawmakers from both parties have demanded more details. Democratic leaders on the Senate Foreign Relations Committee asked the Government Accountability Office to review any agreement for constitutional and statutory compliance, while some Republicans expressed concern that the deal might inadvertently ease sanctions pressure on Maduro without genuine democratic reforms.

“The American people deserve to know who signed this deal, what it commits us to, and whether it will actually bring down gas prices or just create a foreign policy tangle,” Senator Amy Klobuchar said in a floor speech.

As of Tuesday evening, no document had been filed with the Securities and Exchange Commission, the U.S. Department of State, or the Organization of the Petroleum Exporting Countries that would confirm the arrangement. The White House press secretary promised a full briefing “in the coming days,” leaving global markets and American consumers awaiting the fine print.