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Trump announces US deal to control 65 billion barrels of Venezuela's oil reserves

Confirmed1 source · Aug 30, 2026

The Trump administration claims an agreement with Venezuela's interim government will give the US access to more than 65 billion barrels of the world's largest proven oil reserves.

Trump announces US deal to control 65 billion barrels of Venezuela's oil reserves
Image via BBC News

What happened

President Trump announced the US has reached a deal with Venezuela to control more than 65 billion barrels of its proven oil reserves through a partnership with private business, negotiated by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth with Venezuelan interim president Delcy Rodriguez. Trump stated the agreement will more than double American oil reserves, increase US oil supply, and lower gas prices, while Rubio characterized it as bringing nearly $100 billion in private investment and thousands of high-paying jobs to Venezuela. Trump said the deal was reached at no cost to American taxpayers but provided no details on terms, commitments, or the specific private business partners involved. This announcement follows Trump's January 3 authorization of a military operation that arrested then-President Nicolás Maduro, after which Trump stated his administration would run Venezuela and control its oil sales indefinitely.

Context

Venezuela holds the world's largest proven oil reserves at approximately 303 billion barrels, though production has significantly declined from its late-1990s peak. The announced deal occurs amid Trump's stated objective to reduce domestic gas prices and represents a potential shift in US control over a major global energy resource. Trump has claimed Venezuela previously seized American oil and assets, costing billions, and has reportedly asked US oil firms to invest at least $100 billion to restore Venezuela's oil production capacity. The arrangement implies significant restructuring of Venezuela's economy and US-Venezuelan relations following the removal of Maduro's government.

What's disputed

The specific terms, conditions, mechanisms, and private business partners involved in the deal are not disclosed in the source, making independent verification of the arrangement's structure impossible from this reporting.