US Secretary of State Marco Rubio has said a new oil deal involving Venezuela is expected to attract nearly $100 billion in private investment and support thousands of high-paying jobs in the Latin American country. Rubio described the agreement as a major economic opportunity for Venezuela, saying it could contribute to rebuilding the country's economy while also providing benefits to the United States through more stable petroleum reserves and potentially lower gasoline prices. Rubio made the comments on Friday in a post on X while outlining what he said would be the economic benefits of the arrangement. According to the US secretary of state, the deal would bring close to $100 billion in private investment into Venezuela.

He said the investment would help generate employment and contribute to the reconstruction of an economy that has experienced years of severe economic and political difficulties. “For the Venezuelan people, this deal will bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela's economy,” Rubio said. His comments placed particular emphasis on the potential benefits for Venezuelans, with investment and employment presented as key components of the proposed economic recovery. The agreement also has an important energy dimension for Washington. Rubio said the deal would help secure stable petroleum reserves and could contribute to lower gas prices in the United States. Venezuela holds some of the world's largest proven oil reserves, giving its petroleum sector considerable strategic importance.

Increased investment in Venezuelan oil production could therefore have consequences beyond the country itself, particularly for energy supplies and international oil markets. Venezuela's oil industry has faced significant challenges over the past several years, including declining production, inadequate investment and the impact of international sanctions. The country's economy has also been affected by prolonged political and economic instability. Oil has traditionally been central to Venezuela's economy, providing a major share of government revenue and foreign currency. Any large-scale revival of the sector could therefore have a broader impact on economic activity, employment and public finances. Rubio's announcement, however, provides only a broad outline of the expected economic impact.

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The statement did not detail the companies involved, the precise structure of the proposed oil agreement, the timeline for the investment or how the nearly $100 billion figure would be deployed. It also did not specify how many jobs would be created or when the expected benefits to US fuel prices could materialise. The scale of the investment cited by Rubio means the proposed arrangement could represent a major shift in Venezuela's petroleum sector if the plans move forward. Private capital on that scale could potentially finance oil production, infrastructure and related projects, while creating demand for workers across the energy and supporting industries. For Venezuela, which has struggled to restore its economy and rebuild its oil sector, such investment could provide an important source of economic activity.

For Washington, greater stability in Venezuelan petroleum supplies could support its broader energy objectives. Rubio linked the proposed agreement directly to stable reserves and lower gas prices, suggesting that the United States also expects economic and energy benefits from closer involvement in Venezuela's oil industry. The announcement therefore places Venezuela's vast petroleum resources at the centre of a potentially significant economic arrangement between the two countries. Rubio said the deal could deliver nearly $100 billion in private investment, thousands of high-paying jobs and support for rebuilding Venezuela's economy, while also strengthening petroleum supply stability for the United States. However, the projected benefits will depend on the final terms of the agreement, the scale of actual investment and its implementation.

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