Trump hails "biggest oil deal in world history" with Venezuela
Axios · LC · trust 44/100
Add Axios on Google President Trump at a Jan. 2026 news conference on the capture of Venezuelan President Nicolas Maduro. Photo: Nicole Combeau/Bloomberg via Getty Images
President Trump said Friday the U.S. has struck a deal with Venezuela to take control of oil fields with 65 billion barrels of reserves.
Why it matters: The unprecedented deal vastly increases U.S. energy security and dominance in the Western Hemisphere.
Zoom in: The details have yet to be released, but a source familiar described the unorthodox arrangement as a type of "public-private partnership" between the U.S., private companies and Venezuela.
What they are saying: "The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!" Trump wrote on Truth Social .
Between the lines: The unique arrangement would be overseen by the Pentagon's Office of Strategic Capital, which helps finance efforts that further U.S. national defense.
The intrigue: Immediately after Trump's initial announcement, administration officials disagreed on whether the deal had been finalized.
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