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Politics · International diplomacy · published 2026-08-28 · via The Hill

Trump announces landmark oil agreement with Venezuela

Image via The Hill
Image via The Hill

President Trump declared that the United States has reached an agreement with Venezuela granting majority U.S. control over more than 65 billion barrels of proven oil reserves, calling it the largest oil deal in world history. The arrangement was negotiated with Secretary of State Marco Rubio, Secretary of War Pete Hegseth, and Venezuela's interim president, with no cost to American taxpayers. The stated figure represents roughly 21 percent of Venezuela's total proven reserves.

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The announcement was made Friday evening via a post on Truth Social, with Trump describing the arrangement as a partnership involving private business alongside government officials. The agreement was negotiated with Secretary of State Marco Rubio, Secretary of War Pete Hegseth, and Delcy Rodriguez, described as Venezuela's interim president.

The 65-billion-barrel figure represents roughly 21 percent of Venezuela's total proven reserves of 303 billion barrels. The source notes the story is developing and may be updated, and the claim that the deal comes at no cost to American taxpayers is stated in

Expanded detail and Context are AI-generated analysis; the linked article remains the authoritative source.
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This summary is AI-generated and original to Mobble; the linked article is the authoritative source. Original headline: “Trump says he secured ‘majority U.S. control’ of large slice of Venezuela’s oil reserves.” Browse more stories.