The United States is taking control of one-fifth of Venezuela's vast oil wealth. U.S. President Donald Trump made this unprecedented announcement on Friday (August 28). Washington has taken this step primarily to revive the OPEC member's troubled energy sector through American companies and secure new crude oil sources to lower domestic fuel prices, according to Reuters.

Trump stated that through partnerships with the private sector, Americans now hold control over more than 65 billion barrels of Venezuela's oil. However, he did not disclose detailed particulars of the agreement with the country.

The Venezuelan government welcomed the deal, stating it will play a role in boosting the nation's economy and revenues. The agreement is seen as a major step toward increasing the U.S. presence in Venezuela's oil sector.

Despite possessing the world's largest oil reserves, the country currently produces only 1.25 million barrels of oil per day due to long-standing underinvestment, mismanagement, and U.S. sanctions.

Writing on his social media platform Truth Social, Trump stated, "Under my direction, Secretary of State Marco Rubio and Secretary of Defense Pete Hegseth have worked closely with Venezuela's interim President Delcy Rodríguez.

Through private sector partnerships, majority U.S. control has been secured over more than 65 billion barrels of Venezuela's proven oil reserves. This has been achieved at zero cost to U.S. taxpayers."

This announcement follows weeks of bilateral negotiations aimed at granting U.S. companies long-term access to specific Venezuelan oilfields and ensuring the supply of produced crude oil to the United States.

Venezuelan officials are preparing to sign agreements next week granting several U.S. companies permits for new oil exploration and production.

According to sources cited by Reuters, a lease-based model is being considered, through which the oilfields could be auctioned off to American producers. However, this arrangement could face legal and constitutional challenges within Venezuela, as the country's constitution mandates exclusive state control over the primary energy sector.

Trump did not provide details regarding the institutional framework of the agreement, the names of the oilfields or companies involved, or how the United States will exercise majority control over the oil.

However, according to a list seen by Reuters, these oilfields are primarily located in the Orinoco Belt and Lake Maracaibo regions.

Following the removal of former Venezuelan President Nicolás Maduro by the United States in January of this year, Delcy Rodríguez assumed office as interim President.

Late Friday night, she stated that under this agreement, the development of 17 strategic oilfields will significantly boost production, enabling the country to earn approximately $209 billion in revenue.