United States (U.S.) President Donald Trump has announced that his administration and Venezuelan officials have reached an agreement giving Washington control over more than 65 billion barrels of proven Venezuelan oil reserves.
The 80-year-old Republican president described the agreement as the “biggest oil deal in world history,” saying it was negotiated by Secretary of State Marco Rubio and Secretary of War Pete Hegseth with “highly-respected” Venezuela’s interim President Delcy Rodríguez and private companies.
The announcement came Friday as the Trump administration pushes to bring American oil companies back into Venezuela and revive the country’s badly damaged petroleum industry.
Trump said the agreement would come “at no cost to the American taxpayer” because it would be carried out through a partnership with private businesses.
He said: “The historic transaction more than doubles American Oil Reserves, greatly increases our oil supply, and will substantially lower gas prices for all Americans, long into the future, while helping to continue to set Venezuela on a course toward Tremendous Success and Great Prosperity.”
Venezuela has the world’s largest proven oil reserves, estimated at roughly 303 billion barrels. The agreement covers about 65 billion barrels across 17 oil fields, according to details reported by The Associated Press.
Under the proposed arrangement, the US would have effective control over a majority of production from the covered reserves, while American companies are expected to invest heavily in rebuilding Venezuela’s oil infrastructure.
The deal could bring nearly $100 billion in investment into the country’s energy sector and is expected to generate substantial revenue for Venezuela if production can be restored.
2026-08-29 23:09:00
