Trump Announces Historic Oil Deal: US Gains Majority Control of Venezuela’s 65 Billion Barrels
US President Donald Trump announced a major, historic agreement with Venezuela on Friday, August 28th. Trump announced the largest oil deal in history with Venezuela, information about which was shared in a social media post. Under this agreement, the US will gain majority control over Venezuela’s proven crude oil reserves of over 65 billion barrels. Trump claims that this historic transaction will more than double US oil reserves and significantly increase US oil supplies. Announcing the agreement on social media, Donald Trump wrote, “The United States has just reached the largest oil deal in world history with the country of Venezuela.” The US President stated that this agreement was negotiated between Secretary of State Marco Rubio, Secretary of Defense Pete Hegseth, and Venezuela’s Acting President Delcy Rodriguez. Trump wrote on Truth Social, “At my behest, Secretary of State Marco Rubio and Secretary of War Pete Hegseth, in collaboration with Venezuela’s highly respected interim President Delcy Rodriguez and in partnership with private companies, have secured majority control for the United States over 65 billion barrels of proven oil reserves in Venezuela. This agreement cost the US no American taxpayer money.” He stated that the agreement is highly beneficial to America’s energy supply and claimed that it will more than double US oil reserves and help lower gas prices. Venezuela’s interim President Delcy Rodriguez welcomed the agreement, saying it will generate significant revenue for the country’s treasury. Venezuela’s interim President Delcy Rodriguez stated that the country wants to utilize its vast oil reserves to become a major energy producer, create jobs, increase workers’ incomes, and improve living standards. He added, “In this way, Venezuela is ushering in a new era of recovery, growth, production, security, and prosperity for its people.” “ This is how the deal will work Under this deal, the US will form a new private company in collaboration with an unnamed private operator to develop 17 strategic Venezuelan oil fields (primarily in the Orinoco Belt and Lake Maracaibo). Effectively, 55% of this company’s total oil production will be directly under US control. Venezuela says these projects could generate approximately $100 billion in private investment and generate over $209 billion in tax revenue for Caracas. This agreement was reached after intensive negotiations between US Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and Venezuela’s interim President Delcy Rodriguez. This political change comes after the US military operation in January that ousted and arrested former Venezuelan President Nicolas Maduro, after which Venezuela amended its oil laws to encourage foreign investment.