The administration announced an oil accord with Venezuela to secure control over 65 billion barrels of oil.

The administration sought to secure oil feedstock for U.S. refineries, lower fuel prices, and refill the Strategic Petroleum Reserve. To facilitate this maneuver, the administration chose North American Blue Energy Partners, a Barbados-based company run by Alejandro Betancourt, as the vehicle for the agreement. While the administration described the deal as the biggest oil deal in world history, experts noted that the technicalities of the agreement may face challenges. Under Venezuelan law, oil concessions are limited to 25 years, contradicting the administration's claim of 100-year concessions. Additionally, experts noted that the 65 billion barrels figure is based on an optimistic recovery rate, with a more realistic reserve estimate being around 20 billion barrels. To increase production from 1.1 million barrels a day to 1.5 million barrels a day, Delcy Rodríguez stated that at least $100 billion in investment is required.