Archive · 29 Aug 2026
Trump Announces Major U.S. Control of Venezuelan Oil
President Donald Trump says the United States made a very large oil agreement with Venezuela.
He says American companies will gain majority control of more than 65 billion barrels of Venezuelan oil reserves.
Trump says taxpayers will not have to pay for the agreement.
He believes the deal will increase oil supplies and lower gasoline prices in the United States.
Secretary of State Marco Rubio says it could bring nearly $100 billion in private investment to Venezuela.
He also says the deal could create thousands of jobs and help rebuild Venezuela’s economy.
Venezuelan officials say the plan could develop 17 important oil fields and raise tax revenue, but reports differ on how fully the government has confirmed the agreement.
Experts say the deal’s legal structure and financial details remain unclear.
They also warn that damaged infrastructure and the difficulty of handling Venezuela’s heavy crude could delay results.
Donald Trump said the United States secured majority control of more than 65 billion barrels of Venezuelan proven oil reserves.
Trump said the arrangement involved private businesses and would cost U.S. taxpayers nothing.
Marco Rubio said the deal could bring nearly $100 billion in private investment and create thousands of jobs in Venezuela.
The agreement’s legal structure, participating companies, fields and method of U.S. control were not disclosed.
Analysts questioned its legal basis and warned that infrastructure problems could delay any effect on U.S. gasoline prices.
- Who
- U.S. President Donald Trump announced the arrangement, involving Secretary of State Marco Rubio, Secretary of Defense Pete Hegseth, Venezuelan interim President Delcy Rodriguez and private companies.
- What
- Trump said the United States secured majority control of more than 65 billion barrels of Venezuela’s proven oil reserves.
- When
- The announcement was made on Friday, August 28, 2026, and reported on August 29.
- Where
- The agreement concerns Venezuelan oil fields, including fields reportedly located in the Orinoco Belt and Lake Maracaibo regions.
- Why
- U.S. officials said the deal would increase crude supplies, potentially lower gasoline prices, attract investment and help rebuild Venezuela’s economy.
U.S. Officials and Supporters
Analysts and Critics
Impact on U.S. gasoline prices
U.S. Officials and Supporters
Trump and Rubio said increased Venezuelan oil supplies would provide stable, low-cost crude and lower gasoline prices for Americans.
Analysts and Critics
Analysts said short-term price reductions were uncertain because Venezuela’s heavy crude requires infrastructure to produce, transport and refine.
Investment and economic recovery
U.S. Officials and Supporters
Rubio said the arrangement could bring nearly $100 billion in private investment, create thousands of jobs and help rebuild Venezuela’s economy.
Analysts and Critics
Analysts questioned whether political uncertainty, an inadequate power grid, limited export capacity and government discretion would attract substantial investment.
Legal basis and control
U.S. Officials and Supporters
The Trump administration presented the arrangement as a partnership with private businesses that would expand U.S. access to Venezuelan oil fields.
Analysts and Critics
Experts said it was unclear whether a U.S. government lease would comply with Venezuela’s constitution and hydrocarbons law, and noted there was no precedent for such a lease.
- Oil reserves involved
- More than 65 billion barrels of Venezuela’s proven reserves, according to Trump.
- Venezuela’s total reserves
- About 300 billion barrels, described in the reports as the world’s largest proven oil reserves.
- Potential investment
- Nearly $100 billion in private investment, according to Marco Rubio.
- Potential Venezuelan tax revenue
- Delcy Rodriguez said development of 17 strategic fields could generate $209 billion in tax revenue.
- U.S. taxpayer cost
- Trump said the agreement would involve no cost to American taxpayers.
- Venezuela’s current production
- About 1.25 million barrels per day, according to Reuters.
- Agreement details
- The structure, companies, fields and method of U.S. control were not disclosed; reports said Venezuelan officials were preparing additional agreements.
Sources
Trump says US is taking partial control of Venezuela’s vast oil reserves
Trump announces ‘biggest oil deal in history’ giving US majority control of 65 billion barrels of Venezuelan reserves
US taking partial control of 65 billion barrels of Venezuela oil reserves, says Trump
