August 28, 2026
The News:
Blomberg: US Set to Take Control of Major Portion of Venezuelan Oil Wealth
ABC: Trump says US has struck deal with Venezuela to control 65 billion barrels of its oil
BBC: Trump says US has ‘historic’ deal to control 65bn barrels of Venezuela’s oil
Reuters: Trump says US is taking partial control of Venezuela’s vast oil reserves
Summary
President Donald Trump said Friday that the United States and Venezuela have reached a historic oil agreement giving the U.S. majority control of more than 65 billion barrels of Venezuelan proven reserves, a pact he described as the biggest oil deal in world history and one made at no cost to American taxpayers.
Trump said Secretary of State Marco Rubio and Defense Secretary Pete Hegseth worked with Venezuela’s interim President Delcy Rodríguez and private-business partners to complete the arrangement. He said the deal would more than double U.S. oil reserves, increase supply, and help lower gasoline prices for American families while supporting Venezuela’s economic recovery.
The announcement comes nearly nine months after Nicolás Maduro was removed from power and taken to the United States to face federal charges. Rodríguez has led the interim government since then. Venezuela holds the world’s largest proven crude reserves, estimated at about 303 billion barrels, but produces only about 1.25 million barrels a day after years of underinvestment. The new pact covers roughly one-fifth of those reserves.
Officials described a public-private partnership built around a new joint venture. A White House official said the United States would hold about 55 percent effective output through equity and guaranteed at-cost oil. Rodríguez granted long-term, 100-year concessions on the fields, according to that account. The resulting crude is intended to help refill the U.S. Strategic Petroleum Reserve, which has fallen to multi-decade lows, and to support American military supply needs.
Rubio called the agreement a huge win for both peoples. He said it would bring nearly $100 billion in private investment, support thousands of high-paying jobs, and help rebuild Venezuela’s economy. Reports from Caracas described development of 17 strategic fields and substantial future tax revenue for the Venezuelan state.