Archive · 29 Aug 2026
Trump Announces Claimed Historic U.S.-Venezuela Oil Reserves Deal
President Donald Trump says the United States made a very large oil agreement with Venezuela.
He says the deal gives the United States majority control of more than 65 billion barrels of proven Venezuelan oil reserves.
Trump called it the biggest oil deal ever.
He said it could more than double America’s oil reserves and eventually lower gasoline prices.
Venezuela has about 303 billion barrels of oil underground, but produces only about 1 percent of the world’s oil.
Its oil industry has been weakened by badly damaged infrastructure.
The announcement came about nine months after Nicolás Maduro was captured and taken to the United States.
The companies involved and the exact rules for controlling the oil have not been announced.
Some American oil executives have expressed caution about investing in Venezuela.
Donald Trump said the United States entered an oil agreement with Venezuela involving majority control of more than 65 billion proven barrels.
Trump called it the “biggest oil deal in world history” and said it would more than double U.S. reserves and lower gasoline prices.
Trump credited Marco Rubio, Pete Hegseth, Delcy Rodriguez and private businesses with negotiating or securing the arrangement.
The announcement came nearly nine months after a U.S. operation captured Nicolás Maduro and transferred him to the United States to face federal charges.
The participating companies, legal structure and method of U.S. control remain undisclosed, while Venezuela’s damaged infrastructure could hinder investment.
- Who
- U.S. President Donald Trump announced the agreement and credited Secretary of State Marco Rubio, Secretary of War Pete Hegseth, interim Venezuelan President Delcy Rodriguez and private businesses.
- What
- An announced U.S.-Venezuela oil agreement that Trump said gives the United States majority control of more than 65 billion barrels of proven Venezuelan reserves.
- When
- Friday, August 28, 2026, nearly nine months after the U.S. operation against Nicolás Maduro.
- Where
- The agreement concerns Venezuelan oil reserves and expanded U.S. access to Venezuela’s oil sector.
- Why
- Trump said it would increase U.S. oil supplies, lower gasoline prices, support Venezuela’s economic recovery and strengthen relations between the two countries.
Administration Claims and Supporters’ Rationale
Questions and Concerns
Effect on oil supplies and gasoline prices
Administration Claims and Supporters’ Rationale
Trump said the agreement would greatly increase U.S. oil supplies, more than double American reserves and substantially reduce gasoline prices. Rubio said it would also encourage private investment in Venezuela and lower U.S. gas prices.
Questions and Concerns
The agreement’s operating structure and implementation have not been disclosed, so its effect on production, supply and gasoline prices cannot yet be independently established.
Extent of U.S. control
Administration Claims and Supporters’ Rationale
Trump described the arrangement as securing majority U.S. control of more than 65 billion barrels of proven reserves at no cost to American taxpayers.
Questions and Concerns
Reports variously describe the arrangement as involving control or majority control, while the precise mechanism and legal basis for that control remain unknown.
Investment and feasibility
Administration Claims and Supporters’ Rationale
The administration said the deal could put Venezuela on a path to economic recovery, with Rubio citing $100 billion in private investment.
Questions and Concerns
Venezuela’s oil infrastructure is badly damaged, and some American oil executives have expressed caution based on the country’s condition and past business experience there.
Political and legal durability
Administration Claims and Supporters’ Rationale
Trump presented the agreement as strengthening relations between Washington and Caracas and supporting Venezuela’s prosperity.
Questions and Concerns
The undisclosed legal structure could face scrutiny over whether it can withstand legal or political challenges in Venezuela.
- Announced by
- U.S. President Donald Trump
- Oil covered
- More than 65 billion barrels of proven Venezuelan crude reserves
- Trump’s claimed effects
- More than doubling U.S. oil reserves, increasing oil supplies and substantially lowering gasoline prices over the long term
- Venezuela’s total reserves
- Approximately 303 billion barrels, or about 17 percent of the world’s total, according to the U.S. Energy Information Administration
- Venezuela’s production
- About 1 percent of global oil output
- Strategic Petroleum Reserve
- Below 300 million barrels in early August, more than 100 million barrels below its level at the beginning of 2026
- Undisclosed details
- The participating companies, legal structure and mechanism for U.S. control have not been made public
- Additional investment claim
- Marco Rubio said the agreement would bring $100 billion in private investment to Venezuela
Sources
Trump Announces 'Biggest Oil Deal in World History' with Venezuela
Trump announces 'biggest oil deal in world history' with Venezuela
'The Biggest Oil Deal In World History': President Trump Unveils Landmark US-Venezuela Pact To Tap 65 Billion Barrels Of Oil Reserves
Trump makes giant Venezuela oil play, says ‘biggest oil deal in world history’ will double US reserves, cut gas prices
