**US Strikes Deal to Control 65 Billion Barrels of Venezuela's Oil Reserves, Trump Says**
*By Nathan Rennolds, Euronews World*
*Published on 29/08/2026 - 8:18 GMT+2*
In a significant development in international energy relations, the United States and Venezuela have reached an agreement that could grant Washington control over more than 65 billion barrels of Venezuela's vast oil reserves. This announcement was made by US President Donald Trump, who characterized the deal as the "biggest oil deal in world history."
Trump shared the news via a post on Truth Social, emphasizing the potential benefits for the American economy. He stated that the agreement would "more than double American oil reserves," significantly increase the nation's oil supply, and lead to lower gas prices for consumers. Additionally, Trump highlighted that the deal would provide a pathway for Venezuela to achieve "tremendous success and great prosperity."
Venezuela, which possesses the world's largest proven oil reserves, confirmed the agreement through Delcy Rodríguez, the acting president of the country. In her statement, Rodríguez described the deal as "historic" and outlined its scope, which includes the development of 17 strategic oil fields. She indicated that the agreement could attract over $100 billion in investment and generate more than $209 billion in taxes for the Venezuelan state.
Despite the optimistic outlook from both leaders, the deal comes amid a backdrop of caution from oil companies regarding investments in Venezuela. Concerns persist about the aging infrastructure of the country's oil industry and the ongoing political instability both in Venezuela and the United States. Historically, these factors have deterred many firms from entering the Venezuelan market.
US Secretary of State Marco Rubio expressed strong support for the agreement, labeling it a "huge win for both the American and Venezuelan people" in a post on social media platform X. Rubio praised the deal as a reflection of Trump's "bold foreign policy," which he claimed is focused on securing stable oil reserves in the hemisphere while also lowering domestic gas prices. He further asserted that the investment would create thousands of high-paying jobs and assist in the reconstruction of Venezuela's economy.
The agreement follows a period of heightened US involvement in Venezuelan affairs, particularly after a military operation aimed at capturing former Venezuelan leader Nicolás Maduro earlier in the year. Following this operation, Trump had pledged substantial financial support to revitalize Venezuela's oil sector, indicating a strategic shift in US foreign policy towards the South American nation.
As the details of the deal unfold, it remains to be seen how it will impact both the US energy landscape and Venezuela's struggling economy. The potential influx of investment and the promise of job creation could provide a much-needed boost for the Venezuelan people, while also addressing energy needs in the United States.
The agreement marks a pivotal moment in US-Venezuelan relations and could reshape the dynamics of global oil markets in the coming years.