Trump announces U.S. control of 65 billion barrels of Venezuelan oil

President Trump announced on August 28, 2026, that the United States has secured majority control over more than 65 billion barrels of Venezuelan oil reserves through a new agreement negotiated by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth with Venezuela's interim president, Delcy Rodriguez. Trump stated that the United States has entered into an agreement that would bring U.S. companies long-term access to Venezuelan oilfields and guaranteed crude supply to the United States, with Venezuela's government receiving an ownership stake. Trump said the transaction would be "at no cost to the American taxpayer" and would "more than double U.S. oil reserves." In a post on Truth Social, Trump described the deal as "THE BIGGEST OIL DEAL IN WORLD HISTORY." According to Trump, U.S. companies would be "reimbursed by us or through revenue" for investments in Venezuelan oil operations, and he said Venezuelan oil operations would be "up and running" in under 18 months. Trump has asked U.S. oil firms to invest at least $100 billion to restore Venezuela's oil industry, according to the BBC. Secretary of State Marco Rubio called the deal "a huge win for both the American and Venezuelan people." Rubio stated, "For the Venezuelan people, this deal will bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela's economy." Venezuela is estimated to have proven oil reserves of around 300 billion barrels, making it home to the world's largest oil reserves. The deal follows the January capture of former Venezuelan President Nicolás Maduro and his wife, Cilia Flores, in a military operation authorized by Trump. Trump claimed Venezuela had "unilaterally seized and sold American oil, American assets and American platforms, costing us billions and billions of dollars," framing the deal as a recovery of U.S. assets and interests.