Washington: President Donald Trump’s administration has announced a sweeping pact granting the United States a 55% effective output stake in a newly formed private venture managing 17 untapped oil fields in Venezuela. Billed by the White House as “the biggest oil deal in world history”, the agreement covers 65 billion barrels of proven reserves. Negotiated alongside Venezuelan acting President Delcy Rodriguez, the deal grants 100-year operational rights, with the US portion allocated toward the Strategic Petroleum Reserve and military use.

Despite high-level backing from Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, critical details remain opaque. No formal text has been made public, and major questions persist regarding funding sources, infrastructure restoration timelines, and how large U.S. energy companies will react. While the White House hopes to mitigate soaring domestic gas prices driven by the ongoing conflict with Iran, energy analysts caution that decades of neglect mean Venezuela's dilapidated infrastructure will require years and billions of dollars before yielding practical market results. The pact has drawn mixed domestic reactions, praised by Trump allies as a geopolitical victory while condemned by congressional Democrats and local Venezuelan critics who question the interim government's legal authority and long-term viability.

AP