Energy Secretary Chris Wright said the United States has substantial leverage over Venezuela after the Trump administration reached an agreement granting it control of more than 65 billion barrels of oil. The deal covers roughly 21% of Venezuela's approximately 303 billion barrels of proven reserves as of 2023. Under the arrangement, Venezuelan President Delcy Rodríguez granted a private company, reportedly North American Blue Energy Partners, 100-year concessions covering oil assets with 63 billion barrels of proven reserves. The venture is described as a joint operation between the US government and a private operator. Rodríguez said the agreement would develop 17 strategic fields and generate more than $209 billion in tax revenue for her government. Wright said Venezuelan oil exports have risen 50%, but multiple experts told The Hill that the agreement could take years to materially affect US fuel prices. President Trump has also said the United States will replenish the Strategic Petroleum Reserve, which holds more than 30% less oil than at the start of the year.