Venezuela oil deal gives US 55% output share

President Donald Trump has announced an oil agreement that would give the United States a 55% effective output share in a new venture controlling 65 billion barrels of Venezuelan reserves. Summary The planned venture covers 17 Venezuelan oil fields with an estimated 65 billion barrels. A U.S. official said the United States would receive equity and rights to buy crude at cost. Venezuela expects the projects to attract $100 billion in investment and generate $209 billion in taxes. Damaged infrastructure, political uncertainty, and unresolved legal questions could delay any production increase. According to Trump’s Truth Social announcement, Secretary of State Marco Rubio and Defense Secretary Pete Hegseth negotiated the agreement with Venezuela’s interim President Delcy Rodríguez and private businesses. Trump called the arrangement “the biggest oil deal in world history” and said it would give the United States majority control over more than 65 billion barrels of proven reserves at no cost to American taxpayers. Rodríguez’s government said the planned venture would develop 17 strategic fields. A field list reviewed by Reuters placed the assets in the Orinoco Belt and the Lake Marac...