{"id":6242,"date":"2026-08-30T06:44:16","date_gmt":"2026-08-30T06:44:16","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=6242"},"modified":"2026-08-30T06:44:16","modified_gmt":"2026-08-30T06:44:16","slug":"the-u-s-doesnt-have-a-state-owned-oil-giant-but-in-venezuela-the-federal-government-will-control-a-company-with-the-worlds-2nd-largest-reserves","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=6242","title":{"rendered":"The U.S. doesn\u2019t have a state-owned oil giant. But in Venezuela, the federal government will control a company with the world\u2019s 2nd largest reserves"},"content":{"rendered":"
\n

But the U.S., which is the world\u2019s biggest oil producer, doesn\u2019t have one, leaving the task of pumping crude to private-sector giants like Exxon Mobil and Chevron as well as the multitude of wildcatters across the Permian Basin.<\/p>\n

Read more \u2018Long after President Trump is gone, it will still be called Lake Ontario\u2019 \u2014 Premier Doug Ford fires back at \u2018Lake America\u2019 decree with giant sign<\/a><\/p>\n

The Trump administration\u2019s deal for 65 billion barrels of Venezuelan oil reserves, however, will give the federal government a stake in a new joint venture.<\/p>\n

\n
\n
<\/div>\n<\/div>\n<\/div>\n

The country\u2019s interim president, Delcy Rodriguez, has granted a private company a 100-year lease for prime oil fields, a U.S. official said, according to reports.<\/p>\n

The federal government will control 55% of the company\u2019s effective output via equity ownership and oil production. A private Venezuelan operator will have the remaining share. The U.S. official said the company will be the world\u2019s second-largest corporate holder of proven reserves after Saudi Aramco.<\/p>\n

For her part, Rodriguez said the deal will bring in more than $100 billion of investment and generate $209 billion for Venezuela\u2019s government.<\/p>\n

\n
<\/div>\n<\/div>\n

Venezuela has the largest oil reserves in the world, with an estimated 303 billion barrels.\u00a0President Donald Trump\u2019s deal to gain control of 65 billion barrels of that amount exceeds the U.S. proven reserve total of 46 billion.<\/p>\n

The Trump administration\u2019s majority stake in an oil company follows its investments in chipmaker Intel, rare earths miner MP Materials, mineral explorer Trilogy Metals, and dozens of other firms. It also has revenue-sharing agreements with AI chip leaders Nvidia and AMD for sales to China.<\/p>\n

\n
\n
<\/div>\n<\/div>\n<\/div>\n

The latest deal comes nearly nine months after Trump ordered the military to\u00a0capture Venezuelan dictator Nicol\u00e1s Maduro\u00a0and bring him to the U.S. to face federal narcoterrorism and drug trafficking charges.<\/p>\n

\n
<\/div>\n<\/div>\n
\n
<\/div>\n<\/div>\n

A month after that operation, the U.S. and Israel launched a war against Iran that resulted in the worst-ever energy supply shock in history, spiking prices higher and forcing countries to draw down crude stockpiles.<\/p>\n

Read more Trump cannot deport students for criticizing Israel, judge rules, saying speech and press freedoms are \u2018foundational to America\u2019s enduring democracy\u2019<\/a><\/p>\n

\n
<\/div>\n<\/div>\n

In the U.S., the Strategic Petroleum Reserve has fallen to 289.7 million barrels, its lowest level since November 1982. Some industry experts have warned that the SPR will soon reach operational minimums soon, wiping out any further cushion to offset the oil deficit from the Middle East.<\/p>\n

The U.S. official told reporters that as the U.S.-Venezuelan company ramps up oil production, its output will help restock the SPR. But Venezuela\u2019s oil sector has been in disrepair for decades, and production is now only 1.1 million barrels a day, down from a peak of 3.5 million barrels more than 20 years ago.<\/p>\n

\n
<\/div>\n<\/div>\n

Boosting the country\u2019s output to those levels again would require billions of dollars in investment and years before they reach fruition.<\/p>\n

\n
\n
<\/div>\n<\/div>\n<\/div>\n
\n
<\/div>\n<\/div>\n

Meanwhile, global oil giants with the financial resources to make such investments must be convinced that it\u2019s safe to do business in Venezuela again after their assets were nationalized by earlier governments.<\/p>\n

Some are preparing the make the leap. Chevron is close to a deal to expand its longstanding operations in\u00a0Venezuela, sources told the Wall Street Journal<\/em>. Oilfield-services giant Halliburton is also in talks to bring equipment to the country, and executives from several oil-and-gas companies will sign production deals next week, the report added.<\/p>\n

\n
<\/div>\n<\/div>\n

Italy\u2019s Eni, which has a presence in Venezuela,\u00a0announced Saturday that it\u2019s working with authorities there to help revitalize the energy sector.<\/p>\n

Still, many details about Trump\u2019s new Venezuela venture are still unknown, and energy experts were skeptical about how much investment it could bring.<\/p>\n

\u201cFor sure, and if Venezuela ever gets anything resembling a democratic government, the very first thing it will do is flush Trump\u2019s deal down the toilet,\u201d Dean Baker, senior economist at the Center for Economic and Policy Research, posted on X.<\/p>\n

Read more Singapore has overhauled its baby bonus scheme. Will it work to boost birth rates this time?<\/a><\/p>\n

\n
\n
<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The federal government will control 55% of the company’s effective output via equity ownership and oil production. <\/p>\n","protected":false},"author":1,"featured_media":6241,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[579],"tags":[],"class_list":["post-6242","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-venezuela"],"yoast_head":"\nThe U.S. doesn\u2019t have a state-owned oil giant. But in Venezuela, the federal government will control a company with the world\u2019s 2nd largest reserves - Cross Country Moving Team<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/crosscountrymovingteams.com\/?p=6242\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The U.S. doesn\u2019t have a state-owned oil giant. But in Venezuela, the federal government will control a company with the world\u2019s 2nd largest reserves - Cross Country Moving Team\" \/>\n<meta property=\"og:description\" content=\"The federal government will control 55% of the company's effective output via equity ownership and oil production.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/crosscountrymovingteams.com\/?p=6242\" \/>\n<meta property=\"og:site_name\" content=\"Cross Country Moving Team\" \/>\n<meta property=\"article:published_time\" content=\"2026-08-30T06:44:16+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=6242#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=6242\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/#\\\/schema\\\/person\\\/1b8121bfb9a1c55d1fff3fca675fceaa\"},\"headline\":\"The U.S. doesn\u2019t have a state-owned oil giant. But in Venezuela, the federal government will control a company with the world\u2019s 2nd largest reserves\",\"datePublished\":\"2026-08-30T06:44:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=6242\"},\"wordCount\":710,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=6242#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/089dc8270ddb8410ecc6a3683b9797c0.webp\",\"articleSection\":[\"Venezuela\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=6242#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=6242\",\"url\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=6242\",\"name\":\"The U.S. doesn\u2019t have a state-owned oil giant. But in Venezuela, the federal government will control a company with the world\u2019s 2nd largest reserves - Cross Country Moving Team\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=6242#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=6242#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/089dc8270ddb8410ecc6a3683b9797c0.webp\",\"datePublished\":\"2026-08-30T06:44:16+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/#\\\/schema\\\/person\\\/1b8121bfb9a1c55d1fff3fca675fceaa\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=6242#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=6242\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=6242#primaryimage\",\"url\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/089dc8270ddb8410ecc6a3683b9797c0.webp\",\"contentUrl\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/089dc8270ddb8410ecc6a3683b9797c0.webp\",\"width\":1200,\"height\":600},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=6242#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The U.S. doesn\u2019t have a state-owned oil giant. But in Venezuela, the federal government will control a company with the world\u2019s 2nd largest reserves\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/#website\",\"url\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/\",\"name\":\"Cross Country Moving Team\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/#\\\/schema\\\/person\\\/1b8121bfb9a1c55d1fff3fca675fceaa\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"sameAs\":[\"http:\\\/\\\/crosscountrymovingteams.com\"],\"url\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The U.S. doesn\u2019t have a state-owned oil giant. But in Venezuela, the federal government will control a company with the world\u2019s 2nd largest reserves - Cross Country Moving Team","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/crosscountrymovingteams.com\/?p=6242","og_locale":"en_US","og_type":"article","og_title":"The U.S. doesn\u2019t have a state-owned oil giant. But in Venezuela, the federal government will control a company with the world\u2019s 2nd largest reserves - Cross Country Moving Team","og_description":"The federal government will control 55% of the company's effective output via equity ownership and oil production.","og_url":"https:\/\/crosscountrymovingteams.com\/?p=6242","og_site_name":"Cross Country Moving Team","article_published_time":"2026-08-30T06:44:16+00:00","author":"admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"admin","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/crosscountrymovingteams.com\/?p=6242#article","isPartOf":{"@id":"https:\/\/crosscountrymovingteams.com\/?p=6242"},"author":{"name":"admin","@id":"https:\/\/crosscountrymovingteams.com\/#\/schema\/person\/1b8121bfb9a1c55d1fff3fca675fceaa"},"headline":"The U.S. doesn\u2019t have a state-owned oil giant. But in Venezuela, the federal government will control a company with the world\u2019s 2nd largest reserves","datePublished":"2026-08-30T06:44:16+00:00","mainEntityOfPage":{"@id":"https:\/\/crosscountrymovingteams.com\/?p=6242"},"wordCount":710,"commentCount":0,"image":{"@id":"https:\/\/crosscountrymovingteams.com\/?p=6242#primaryimage"},"thumbnailUrl":"https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/08\/089dc8270ddb8410ecc6a3683b9797c0.webp","articleSection":["Venezuela"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/crosscountrymovingteams.com\/?p=6242#respond"]}]},{"@type":"WebPage","@id":"https:\/\/crosscountrymovingteams.com\/?p=6242","url":"https:\/\/crosscountrymovingteams.com\/?p=6242","name":"The U.S. doesn\u2019t have a state-owned oil giant. But in Venezuela, the federal government will control a company with the world\u2019s 2nd largest reserves - Cross Country Moving Team","isPartOf":{"@id":"https:\/\/crosscountrymovingteams.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/crosscountrymovingteams.com\/?p=6242#primaryimage"},"image":{"@id":"https:\/\/crosscountrymovingteams.com\/?p=6242#primaryimage"},"thumbnailUrl":"https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/08\/089dc8270ddb8410ecc6a3683b9797c0.webp","datePublished":"2026-08-30T06:44:16+00:00","author":{"@id":"https:\/\/crosscountrymovingteams.com\/#\/schema\/person\/1b8121bfb9a1c55d1fff3fca675fceaa"},"breadcrumb":{"@id":"https:\/\/crosscountrymovingteams.com\/?p=6242#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/crosscountrymovingteams.com\/?p=6242"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/crosscountrymovingteams.com\/?p=6242#primaryimage","url":"https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/08\/089dc8270ddb8410ecc6a3683b9797c0.webp","contentUrl":"https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/08\/089dc8270ddb8410ecc6a3683b9797c0.webp","width":1200,"height":600},{"@type":"BreadcrumbList","@id":"https:\/\/crosscountrymovingteams.com\/?p=6242#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/crosscountrymovingteams.com\/"},{"@type":"ListItem","position":2,"name":"The U.S. doesn\u2019t have a state-owned oil giant. But in Venezuela, the federal government will control a company with the world\u2019s 2nd largest reserves"}]},{"@type":"WebSite","@id":"https:\/\/crosscountrymovingteams.com\/#website","url":"https:\/\/crosscountrymovingteams.com\/","name":"Cross Country Moving Team","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/crosscountrymovingteams.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/crosscountrymovingteams.com\/#\/schema\/person\/1b8121bfb9a1c55d1fff3fca675fceaa","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g","caption":"admin"},"sameAs":["http:\/\/crosscountrymovingteams.com"],"url":"https:\/\/crosscountrymovingteams.com\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=\/wp\/v2\/posts\/6242","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6242"}],"version-history":[{"count":0,"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=\/wp\/v2\/posts\/6242\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=\/wp\/v2\/media\/6241"}],"wp:attachment":[{"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6242"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6242"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6242"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}