President Donald Trump announced that the United States has entered an agreement with Venezuela to take control of 65 billion barrels of the South American country's oil reserves. The deal, described by Trump as the biggest oil agreement in world history, was revealed on Friday and involved negotiations led by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and Venezuela’s interim President Delcy Rodriguez, according to fortune.com.
The announcement follows a U.S. military operation nine months ago, directed by Trump, which resulted in the capture of Venezuela’s president Nicolás Maduro to face federal narcoterrorism and drug trafficking charges in the United States. In January, after Maduro’s ouster, Trump proposed that U.S. oil companies return to Venezuela to exploit its oil reserves. The deal comes amid rising gas prices and a strategic petroleum reserve that has dropped below 300 million barrels, down by over 100 million barrels since early 2026, fortune.com reported.
Venezuela holds one of the largest oil reserves globally, and this agreement marks a significant shift in U.S.-Venezuela relations, especially after decades of nationalization of foreign-owned assets by former Venezuelan President Hugo Chavez. The deal aims to address the U.S. energy supply challenges exacerbated by ongoing geopolitical tensions, including the six-month-long war in Iran, which has contributed to high gas prices, according to fortune.com.
The U.S. strategic petroleum reserves have been heavily drawn down this year, and this new agreement to control Venezuela’s oil reserves is expected to impact global oil markets significantly. The deal was publicly announced by Trump on August 28, 2026, with key roles played by top U.S. officials and Venezuela’s interim government, fortune.com confirmed.