US, Venezuela Reach Historic Oil Deal, Trump Says
By Sareen Habeshian | Published 28 Aug 2026, 23:54 UTC
President Donald Trump announced that the United States has secured a deal with Venezuela to gain control of more than 65 billion barrels of the country’s proven oil reserves, the world’s largest deposit.
"This historic transaction more than doubles American oil reserves, greatly increases our oil supply, and will substantially lower gas prices for all Americans," Trump posted on a social‑media platform ahead of a press briefing.
The agreement follows the U.S. government’s earlier arrest of Venezuela’s then‑President Nicolás Maduro, a move Trump said had opened the door for a direct transfer of energy assets. Details of the agreement, including the terms of the transfer and any licensing arrangements, remain undisclosed.
Secretary of State Marco Rubio, speaking at the briefing, described the pact as "a huge win for both the American and Venezuelan people" and noted that the U.S. would seek to manage the reserves responsibly. The statement came as Washington is under domestic pressure to bring gasoline prices down.
Market analysts warn that the geopolitical implications of ceding control to a U.S. entity could be significant, and that Venezuela’s political instability may affect the practicality of the deal. Furthermore, oil quality and infrastructure readiness remain questions for investors.
While the U.S. gleefully touts the deal as an economic boon for American consumers, the full impact of the agreement will unfold as the terms are clarified and implementation begins. For now, the announcement marks the latest chapter in the long‑running U.S.-Venezuela relationship.
