Washington allowed his vice president, Delcy Rodriguez, to stay on and serve as interim leader so long as she toes the US line.<\/p>\n
Rodriguez confirmed what she called a \u201chistoric agreement\u201d that would \u201chave a significant impact on the rebirth of our nation.\u201d<\/p>\n
Writing on social media, she hailed potential investment of \u201cmore than $100 billion (\u20ac85.89 billion) and more than $209 billion (\u20ac179.51 billion) in tax revenue for the State.\u201d<\/p>\n
Trump said Secretary of State Marco Rubio and Defence Secretary Pete Hegseth had reached the deal with Rodriguez \u201cthrough a partnership with private business.\u201d<\/p>\n
![\"non-exclusive-photo-file-general-view-of-the-towers-and-oil-platforms-of-the-state-oil-company-of-venezuela-venezuelan-oil-company-sa-pdvsa\"](\"https:\/\/www.europesays.com\/ie\/wp-content\/uploads\/2026\/08\/1787995577_384_.jpeg\")
\n Venezuela has the world’s largest proven oil reserves. Alamy Stock Photo<\/p>\n
Alamy Stock Photo\n<\/p>\n
Trump has made no secret of his desire to secure Venezuelan oil for the US.<\/p>\n
High petrol prices for Americans is a major political issue for the Republican leader, whose approval ratings have fallen ahead of November\u2019s midterm elections after launching a war on Iran that has disrupted global oil supplies.\n<\/p>\n
Questions remain<\/p>\n
Jorge Pinon, a senior researcher at the Energy Institute at the University of Texas at Austin, said the agreement was unconventional and many questions remained about how the oil assets would be transferred, \u201cnot to a private enterprise, but to another country.\u201d<\/p>\n
\u201cWe don\u2019t know how the transfer would take place,\u201d he said. \u201cIs it a sale? Is it a title transfer? Is it only transferred once the reserves are actually produced?\u201d<\/p>\n
The news site Axios had reported Thursday that the two countries were in talks on a dozen productive oil fields with 90 billion barrels of proven reserves \u2013 about a third of Venezuela\u2019s total proven reserves of 300 billion barrels.<\/p>\n
In return for a US ownership stake, private companies, including American firms, would develop the fields and return more oil revenue to Venezuela, according to Axios.<\/p>\n
Axios also said the deal would more than double US oil reserves at a time when the US strategic petroleum reserve is at a 40-year low.<\/p>\n
The Trump administration has been urging US companies to invest in Venezuela, but they remain wary due to dilapidated infrastructure and past appropriation of assets of foreign investors by the government in Caracas.<\/p>\n
Chevron, the only US oil company that was still operating in Venezuela when Maduro was ousted, said in July that it had raised its daily crude production to 280,000 barrels and plans to increase output by 50% by the end of 2028.<\/p>\n
John Kilduff, energy expert at Again Capital, said the biggest problem for companies to operate in Venezuela is \u201cthe safety and security of your investment.\u201d<\/p>\n
He said if the US is now going to control or own the oil fields, the goal would be \u201cto establish a sort of state zone where US companies can go in, operate, and not be impacted, and hopefully eliminate the political risk that otherwise goes with investing in Venezuela.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"DONALD TRUMP HAS said his administration reached a huge oil deal with Venezuela that gives the US majority…\n","protected":false},"author":2,"featured_media":661938,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[3],"tags":[9,10,279556,279557,356,18,13,14,6,19,17,11,12,15,16,5,9951,7,8,384,107,4450],"class_list":["post-661937","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-breaking-news","tag-breakingnews","tag-crude-moves","tag-crude-relations","tag-donald-trump","tag-eire","tag-featured-news","tag-featurednews","tag-headlines","tag-ie","tag-ireland","tag-latest-news","tag-latestnews","tag-main-news","tag-mainnews","tag-news","tag-oil","tag-top-stories","tag-topstories","tag-united-states","tag-us","tag-venezuela"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ie\/117178085067931966","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/661937","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=661937"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/661937\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/661938"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=661937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=661937"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=661937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}