Washington says it has secured majority control of over 65 billion barrels at no cost to US taxpayers
Published 28 Aug, 2026 23:06
| Updated 28 Aug, 2026 23:19
FILE PHOTO: A Venezuelan flag waves in front of oil tanker on lake in Maracaibo, Venezuela on July 27, 2026 © Jose Isaac Bula / Anadolu via Getty Images
US President Donald Trump has announced what he called the “biggest oil deal in world history,” claiming an agreement with Venezuela has given Washington majority control over more than 65 billion barrels of proven crude reserves.
Secretary of State Marco Rubio and Secretary of War Pete Hegseth had worked with Venezuelan interim leader Delcy Rodriguez and private businesses to secure “majority US control” of the reserves “at no cost to the American Taxpayer,” Trump wrote on Truth Social on Friday.
“The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!” the US president declared.
Trump claimed the transaction “MORE THAN DOUBLES American Oil Reserves,” would substantially increase supplies and eventually lower gasoline prices.
The latest US Energy Information Administration figures put American proved crude oil and lease condensate reserves at around 46 billion barrels. Adding the 65 billion barrels covered by the Venezuela deal would bring the total volume under some form of US control to more than 111 billion barrels, even though the Venezuelan crude would not technically become part of US domestic reserves.
Trump did not immediately disclose the agreement’s duration, which fields are covered, the precise ownership structure, or which private companies will participate.
Media reports earlier this week said Washington had been negotiating access to 17 Venezuelan fields containing roughly 90 billion barrels, potentially through century-long leases.
The push follows months of increasing US control over Venezuela’s energy sector since the January military raid that removed Nicolas Maduro. Washington already controls sales of Venezuelan crude and holds proceeds from them in US Treasury accounts.
