President Donald Trump announced the United States has secured majority control of more than 65 billion barrels of proven oil reserves in Venezuela at no cost to the American taxpayer, according to The Guardian. Trump wrote that the agreement would more than double American oil reserves. “This deal is a huge win for both the American and Venezuelan people,” Sen. Marco Rubio stated on social media.

Deal Details Remain Unclear

Trump’s announcement provided few details on the structure of the agreement, the fields or companies involved, or how the US would exercise majority control over the reserves, as noted by The Guardian. Venezuela holds an estimated 303 billion barrels of proven oil reserves, the largest in the world. The discussion reportedly focused on a US stake in Venezuela’s most promising oil-and-gas fields, with some 90 billion barrels of proven reserves.

Strategic and Political Motivations

Since January, when the US removed former Venezuelan president Nicolás Maduro from power, Washington has sought to secure a stable flow of Venezuelan crude oil for US refineries while promoting American investment into the OPEC country’s deteriorated energy industry, which produces 1.25 million barrels per day of crude. Trump is also under pressure before November’s midterm elections due to rising gasoline prices, which could be eased through cheaper oil supplies and expanded output.

The US has also been seeking ways to replenish its strategic petroleum reserve, including crude swaps with US producers. The Wall Street Journal reported that the Trump administration was in advanced talks with Venezuela for the US to take a direct stake in more than a dozen oilfields housing nearly one-third of the country’s massive energy reserves. Axios also reported on the negotiations, quoting a US official who claimed the deal would be “massive.”

Domestic and International Reactions

SZ.de reported that some Trump supporters were surprised by his move, as he had long been seen as an anti-interventionist leader. J. D. Vance, who previously wrote an op-ed titled “Trump’s Best Foreign Policy? Not Starting Any Wars,” now supports the Venezuela intervention as part of America Firstism. Critics argue that the deal resembles imperialist tactics, while supporters frame it as a necessary step to support US energy security and economic interests.