Trump Announces ‘Biggest Oil Deal’ With Venezuela, US Secures Control of 65 Billion Barrels

August 29, 2026

Washington: President Donald Trump said on Friday (local time) that the United States (US) has entered the “biggest oil deal” in the history of the world with Venezuela under which Washington will secure majority control of more than 65 billion barrels of Caracas’ proven oil reserves. The development comes months after Venezuela’s former President Nicolas Maduro was toppled by American forces.

Trump calls it ‘biggest oil deal’ in history

The 80-year-old Republican leader said Secretary of State Marco Rubio and Secretary of War Pete Hegseth are working closely with Venezuela’s interim President Delcy Rodriguez on the agreement. He said the transaction will greatly strengthen the “already growing relationship” between the two countries.

“This 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,” Trump said in a post on Truth Social.

“Our deal with Venezuela is the biggest oil deal, by far, in World history!” he said in another post.

Venezuela holds world’s largest oil reserves

Venezuela has one of the largest oil reserves in the world. According to an estimate by the US Energy Information Administration, the South American country has around 303 billion barrels of crude oil, which is roughly 17 per cent of the world’s total supply. Its oil reserves are also mapped and known, but Venezuela only produces around 1 per cent of the world’s oil because of poor infrastructure.

The Trump administration has kept urging US firms to invest in Venezuela and under the deal, private firms would be allowed to develop the oil fields in exchange for an American ownership stake, reported Axios, citing two US officials.

The Venezuelan side is yet to confirm the details of the deal, while Rubio said the agreement shows that Trump’s foreign policy, which he called “bold”, is helping the US secure stable reserves and keep gas prices under control in the country. However, Rubio also did not provide further details.

Rubio highlights $100 billion investment

“For the Venezuelan people, this deal will bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela’s economy,” he said on micro-blogging platform X (formerly Twitter).

The agreement comes as the Trump administration seeks to increase US oil supplies and bring down gasoline prices amid continued pressure on energy markets. Details of the private companies involved and the exact structure of the agreement have not yet been fully disclosed.