The Trump administration’s highly unusual deal to develop Venezuela’s vast oil resources would have the U.S. government collaborate with Alejandro Betancourt López, whose family controls Venezuela’s second largest private oil producer, North American Blue Energy Partners. Under the deal, the United States would work with Betancourt’s company to develop 17 oil fields across Venezuela, with the Pentagon’s Office of Strategic Capital backing development and Betancourt’s firm leading operations. Venezuela’s president, Delcy Rodríguez, backed the deal, projecting over $200 billion in tax revenue.

Trump described it as giving the U.S. "majority control" over reserves, aiming to reshape global energy markets and enhance energy security by reducing Middle Eastern influence. The State Department said the deal would give the U.S. 55 percent of the joint venture’s output. Chevron is also in advanced talks to expand production in Venezuela.

Venezuela produces about one million barrels of oil daily, roughly 1 percent of global output. The deal faces delays, with meaningful new production expected to take years, limiting immediate impact on global prices or U.S. consumer costs at the pump.