Trump hails 'historic' deal for US to control 65bn barrels of Venezuela's oil

Former President Donald Trump announced on August 28, 2026, what he described as a "historic" agreement for the United States to gain majority control over 65 billion barrels of Venezuela's proven oil reserves. The deal, reportedly negotiated by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth with Venezuela's interim President Delcy Rodriguez, involves a private joint venture in which the U.S. government will hold a 55% stake. This arrangement grants a 100-year concession to operate in 17 oil fields, aiming to significantly boost American oil supplies and potentially lower gasoline prices for consumers.

The announcement follows a U.S. military operation earlier in 2026 that resulted in the capture of former Venezuelan President Nicolás Maduro and the installation of interim leader Delcy Rodriguez. President Trump lauded the transaction as the "biggest oil deal in world history," asserting it would more than double U.S. oil reserves. Interim President Rodriguez also affirmed the agreement, highlighting its potential to attract nearly $100 billion in private investment and generate over $209 billion in tax revenue for Venezuela, aiding the nation's economic revival.

While details of the agreement remain somewhat vague, the move has sparked discussions about its implications, particularly given the political complexities in Venezuela and the technical challenges associated with developing the country's predominantly extra-heavy oil reserves. Some reports also note the involvement of a Venezuelan partner, Alejandro Betancourt, who has faced prior investigations for alleged money laundering.