The US President said the agreement ensures that the US controls the majority of Venezuela’s proven oil reserves of more than 65 billion barrels.
Published August 29, 2026
President Donald Trump has announced that the United States will sign a deal with Caracas that will give it control of Venezuela’s approximately 65 billion barrels of proven oil reserves, while also reviving the OPEC nation’s battered energy industry.
“The historic deal will more than double America’s oil reserves” and “significantly lower the price of gas for all Americans,” Trump said in a post on Truth Social.
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“At my direction, Secretary of State Marco Rubio and Secretary of the Army Pete Hegseth worked closely with Venezuela’s highly regarded Interim President Delcy Rodriguez to secure American control of a majority of Venezuela’s more than 65 billion barrels of proven oil reserves through partnerships with private companies at no cost to American taxpayers,” Trump wrote.
Venezuela’s interim President Delcy Rodríguez welcomed the deal, which is expected to bring about $209 billion to the national treasury.
The announcement comes after weeks of negotiations over a deal that would give American companies long-term access to Venezuela’s oil fields, thereby guaranteeing oil supplies to the United States.
Venezuelan authorities are preparing to sign an agreement next week that will give new oil exploration and production rights to a number of companies, especially US companies.
Officials previously told Reuters that a leasing model was being considered and the fields could be auctioned off to U.S. producers, but the deal could face legal and constitutional challenges in Venezuela, where the state retains control of core oil industry activities.
The new agreement marks a dramatic expansion of the U.S. role in Venezuela’s oil industry, as the Trump administration seeks to revive Venezuela’s production and secure more crude oil for U.S. refineries. Venezuela has the world’s largest proven oil reserves, but production is just 1.25 million barrels per day, far below potential due to years of underinvestment, mismanagement and sanctions.
Trump did not specify the structure of the deal, the sectors or companies involved, or how the United States would exercise majority control of the reserves.
Secretary of State Marco Rubio called the deal a win for both countries, saying on X that it would ensure stable, low-cost oil for the United States and help lower gasoline prices.
For Venezuela, Rubio said the deal would bring about $100 billion in private investment, support thousands of high-wage jobs and help rebuild the country’s economy.
