RismadarVoice Reporters
August 29, 2026
U.S. President Donald Trump has announced that the United States has reached an agreement with Venezuela that would give American interests majority control of more than 65 billion barrels of the country’s proven oil reserves.
Trump described the agreement as “the biggest oil deal in world history,” saying it was reached under his direction by Secretary of State Marco Rubio and Secretary of War Pete Hegseth, in collaboration with Venezuela’s interim President, Delcy Rodriguez, and private businesses.
According to Trump, the deal comes at no cost to American taxpayers and would more than double U.S. oil reserves.
“BREAKING NEWS: The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!” Trump said in a post on Truth Social.
He added that the agreement had secured “majority U.S. control” of more than 65 billion barrels of proven Venezuelan oil reserves.
Venezuela holds some of the world’s largest proven oil reserves, estimated at 303 billion barrels, representing roughly 17 per cent of global reserves, according to the U.S. Energy Information Administration.
However, despite its vast reserves, Venezuela currently produces only about one per cent of the world’s oil, largely due to deteriorating infrastructure and years of challenges within its oil industry.
The announcement comes as Trump faces increasing political pressure ahead of the U.S. midterm elections, while gasoline prices have risen amid disruptions linked to the ongoing war with Iran.
In January, the U.S. military carried out an operation that resulted in the capture of former Venezuelan President Nicolás Maduro, who was subsequently taken to the United States to face federal charges relating to alleged narcoterrorism and drug trafficking.
U.S. Secretary of State Marco Rubio described the new oil agreement as a major victory for both countries.
He said the deal would secure stable and low-cost oil supplies for the Western Hemisphere, help reduce gasoline prices in the United States and promote economic reconstruction in Venezuela.
“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 in a post on X.
