U.S. Eyes Massive Venezuelan Oil Deal

President Trump announced the United States has secured majority control of more than 65 billion barrels of Venezuelan oil reserves, calling it the “biggest oil deal in world history.”

Quick Take

Trump said the deal gives the U.S. majority control of Venezuela’s oil reserves at no cost to taxpayers.
He named Secretary of State Marco Rubio and Secretary of War Pete Hegseth as leading the negotiations.
Venezuela’s government described a plan covering 17 oil fields worth up to $100 billion in investment.
No signed treaty, contract, or official U.S. government document has been made public yet.

Trump Announces Massive Venezuela Oil Agreement

President Trump posted on Truth Social that his administration had struck a deal with Venezuela to take control of more than 65 billion barrels of proven oil reserves. He said Secretary of State Marco Rubio and Secretary of War Pete Hegseth worked with interim Venezuelan leader Delcy Rodríguez to reach the arrangement “at no cost to the American Taxpayer”.

Trump said the deal would “more than double” America’s oil reserves and lower gas prices for years to come. He framed the agreement as a major win, pairing it with claims that private companies, not the government, would carry out the actual oil development work on the ground.

Reports Point to Deal Talks Before the Announcement

Reuters reported that U.S. officials were negotiating long-term access to Venezuelan oil fields in the days before Trump’s post went public. Those talks reportedly covered more than a dozen productive fields and would let American companies develop the sites while guaranteeing oil supply back to the United States.

Axios separately reported the Trump administration was discussing taking a direct stake in Venezuela’s oil sector, describing a deal that could be “massive” in scale. That reporting lines up with the broad strokes of what Trump later announced publicly.

Venezuela Details 17 Fields and Investment Figures

The Associated Press reported that Rodríguez’s government described the arrangement as covering 17 oil fields with a proven potential of 65 billion barrels. Caracas said the deal could bring in $100 billion in investment and generate more than $209 billion in taxes for the Venezuelan government over time.

A U.S. official told the Associated Press the structure involves a new private company formed with an unnamed private operator. Under that setup, Rodríguez granted the company 100-year rights to develop the fields, giving the U.S. side effective long-term control over output.

🚨BREAKING🚨

President Trump says the US has entered into the "Biggest oil deal in the world history."

Deal secures majority control of more than 65B barrels of proven oil reserves in Venezuela.

Trump says the deal will increase US oil supply, lower gas prices, strengthen ties… pic.twitter.com/9HBttF5BXs

— The Crypto Johannes (@TheCryptoJonny) August 29, 2026

Oil Sanctions History Shapes the Stakes

Venezuela’s oil sector has operated under heavy U.S. sanctions since 2019, when the Trump administration first targeted state oil company PDVSA. Those sanctions cut Venezuelan oil production sharply and deepened an economic crisis that has gripped the country for years. Any new arrangement over Venezuelan oil carries weight far beyond a single business deal, touching sanctions policy, regional politics, and America’s own energy security.

No signed treaty, contract, or government document confirming the exact terms has been made public. The public record so far rests on Trump’s social media statement, Venezuelan government comments, and reporting built partly on unnamed sources. That gap does not undercut that negotiations happened, but it does mean the full legal terms are not yet available for outside review.

What Comes Next for Gas Prices and Reserves

Trump tied the announcement directly to everyday costs, saying the deal would substantially lower gas prices for Americans over the long term. If the reported field development and supply guarantees move forward as described, it could reshape U.S. energy supply lines for decades, given the scale of reserves involved and the 100-year rights described by Venezuelan officials.