Trump announces major oil agreement giving the United States a stake in Venezuela’s reserves

Saturday 29 August 2026 - 09:00

By: Azzat Manal

Trump announces major oil agreement giving the United States a stake in Venezuela’s reserves

U.S. President Donald Trump has announced a new oil agreement with Venezuela that he says will give American interests majority control over more than 65 billion barrels of the country’s proven oil reserves.

Trump announced the deal on Friday through his Truth Social account, describing it as one of the largest oil agreements ever concluded. According to the U.S. president, the arrangement would provide the United States with a substantial share of Venezuela’s oil resources without placing a direct financial burden on American taxpayers.

Trump said Secretary of State Marco Rubio and Defense Secretary Pete Hegseth helped negotiate the agreement with Venezuela’s interim President Delcy Rodríguez through a partnership involving private-sector companies.

The U.S. president argued that the agreement could significantly expand the effective oil reserves available to the United States and increase supplies to the American market. He also claimed that greater access to Venezuelan crude could contribute to lower gasoline prices for American consumers over the long term.

Trump presented the agreement as part of a broader effort to strengthen relations between Washington and Caracas while supporting Venezuela’s economic recovery. He said the arrangement could put the South American country on a path toward stronger economic growth and greater prosperity.

Rubio similarly described the agreement as a major benefit for both American and Venezuelan citizens. In a post on X, the secretary of state said the deal would help secure stable energy supplies and access to lower-cost oil, potentially contributing to lower fuel prices in the United States.

For Venezuela, Rubio said the agreement could attract approximately $100 billion in private investment, support thousands of well-paid jobs and accelerate the rebuilding of the country’s economy.

Reports published by Axios indicated that Washington and Caracas had been discussing the possibility of American companies acquiring stakes in several Venezuelan oil fields in exchange for investments in oil and gas production.

The reported arrangement comes as the United States seeks to expand global energy supplies and reduce the vulnerability of international oil markets to disruptions along key transportation routes. Venezuela, meanwhile, holds some of the world’s largest proven oil reserves but has faced years of economic difficulties, underinvestment and declining production capacity.

The proposed agreement could therefore mark a significant shift in the relationship between the United States and Venezuela, particularly if American companies become more deeply involved in developing the country’s energy resources.

However, the scale of the announced figures and the practical implementation of the agreement are likely to depend on further negotiations, investment decisions and the legal and political framework governing Venezuela’s oil industry.

If carried out as described, the deal could have broader implications for global energy markets, U.S. fuel prices and Venezuela’s efforts to restore its oil production and attract international investment.