August 29, 2026 | 08:00 am
TEMPO.CO, Jakarta - U.S. President Donald Trump said Friday that the United States had reached an agreement with Venezuela to take control of 65 billion barrels of the South American country's oil reserves, calling it the "biggest oil deal in world history."
Trump said the agreement was negotiated by U.S. Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and Venezuelan interim President Delcy Rodriguez.
"The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!" Trump wrote on his Truth Social platform, as quoted by DW.
He said the deal would come at "no cost to the American taxpayer" and suggested it would more than double U.S. oil reserves.
The Venezuelan government's press office did not immediately respond to requests for comment. The White House also did not immediately provide details on how the arrangement would operate or which private-sector companies would be involved.
Deal Comes Amid Oil Price Pressure
Trump's announcement comes as his administration faces pressure over rising gasoline prices in the United States amid disruptions to global oil supplies.
According to AP News, The average U.S. gasoline price stood at about $4.09 per gallon on Friday, according to AAA, up from $3.21 a year earlier.
The United States has also drawn down its Strategic Petroleum Reserve, which fell below 300 million barrels in early August, more than 100 million barrels below its level at the start of 2026.
The ongoing U.S.-Israeli war with Iran has sharply reduced the flow of oil from the Gulf through the Strait of Hormuz, a major global energy chokepoint through which about 20 percent of the world's petroleum passed before the conflict.
Venezuela Holds World's Largest Oil Reserves
Venezuela has an estimated 303 billion barrels of proven crude oil reserves, the largest in the world and roughly 17 percent of global reserves, according to the U.S. Energy Information Administration.
Despite its vast reserves, Venezuela produces only about 1 percent of the world's oil. Years of mismanagement, deteriorating infrastructure and U.S. sanctions have contributed to the country's low production levels.
Trump's announcement came nearly nine months after U.S. forces, acting on his orders, captured Venezuelan President Nicolas Maduro and brought him to the United States to face federal charges related to alleged narcoterrorism and drug trafficking.
Following Maduro's ouster, Trump urged major U.S. oil companies to return to Venezuela and invest in its energy sector.
However, industry executives have expressed caution over the country's political instability and deteriorated infrastructure. As reported by AP News, ExxonMobil CEO Darren Woods previously described Venezuela as "un-investable."
Trump has maintained that his administration has brought greater stability to Venezuela. He has also accused the country of taking U.S. oil following former President Hugo Chavez's nationalization of hundreds of foreign-owned assets, including those belonging to U.S. oil companies.
Details of the newly announced agreement, including how the 65 billion barrels would be controlled or developed and which companies would participate, remained unclear.
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