Archive · 29 Aug 2026
Trump Announces Claimed Historic Venezuela Oil Deal Amid Price Surge
President Donald Trump says the United States made a very large oil agreement with Venezuela.
He says the agreement covers control of 65 billion barrels of oil reserves.
Trump says officials from the United States and Venezuela negotiated it.
The Venezuelan government had not publicly confirmed the agreement in the reports.
The White House also has not explained exactly how the deal would work.
The announcement came while a war involving Iran was making oil prices rise.
The United States has already used some of its emergency oil supply.
Venezuela has lots of oil underground, but its old infrastructure means it produces much less than it could.
The deal’s full details and private business partners are still unknown.
Donald Trump said the United States reached an agreement with Venezuela involving control of 65 billion barrels of oil reserves.
Trump said Marco Rubio, Pete Hegseth and interim President Delcy Rodriguez negotiated the agreement.
The announcement came as the Iran war pushed oil and gasoline prices higher, increasing pressure on Trump.
The Venezuelan government had not commented, while the White House did not disclose private-sector partners or detailed terms.
Venezuela has an estimated 303 billion barrels of crude reserves but produces about 1% of the world’s oil because of poor infrastructure.
- Who
- US President Donald Trump said the United States and Venezuela reached the agreement; he identified Marco Rubio, Pete Hegseth and Delcy Rodriguez as negotiators.
- What
- An alleged agreement giving the United States control of 65 billion barrels of Venezuela’s oil reserves.
- When
- Announced Friday, nearly nine months after the reported US operation that removed Nicolás Maduro.
- Where
- Venezuela and its oil reserves; the announcement was made in Trump’s social media post.
- Why
- The announcement came amid rising oil and gasoline prices linked in the reports to the ongoing Iran war and disruptions to Gulf oil shipments.
Trump Administration’s Position
Outstanding Questions and Venezuelan Silence
Existence and scale of the agreement
Trump Administration’s Position
Trump described the arrangement as the biggest oil deal in world history and said it gives the United States control of 65 billion barrels.
Outstanding Questions and Venezuelan Silence
The reports provide no independently described terms, and Venezuela’s government office had not commented on the announcement.
US involvement in Venezuela’s oil industry
Trump Administration’s Position
Trump has promoted the return of US oil companies, arguing that Venezuela previously took US oil through the nationalization of foreign-owned assets.
Outstanding Questions and Venezuelan Silence
Oil executives showed caution about returning; ExxonMobil CEO Darren Woods previously described Venezuela as “uninvestable.”
Potential effect on oil prices
Trump Administration’s Position
The agreement was announced as a possible response to pressure from soaring US gasoline and oil prices during the Iran war.
Outstanding Questions and Venezuelan Silence
The reports do not establish that the alleged agreement would immediately increase oil supplies, noting Venezuela’s dilapidated infrastructure and low production.
- Claimed reserves under agreement
- 65 billion barrels
- Venezuela’s estimated total crude reserves
- 303 billion barrels
- Share of global oil reserves
- About 17%, according to the US Energy Information Administration
- Venezuela’s production
- About 1% of global oil production
- US strategic petroleum reserves
- Below 300 million barrels in early August, more than 100 million barrels below their level at the start of 2026
- Reported private partners
- The White House did not identify any private-sector partners or disclose detailed terms
