US announces Venezuela oil agreement covering 65 billion barrels
President Donald Trump says a new agreement with Venezuela would give the United States majority control over 65 billion barrels of proven oil reserves, though key commercial and legal terms have not been disclosed.
In short
- President Donald Trump says a new agreement with Venezuela would give the United States majority control over 65 billion barrels of proven oil reserves, though key commercial and legal terms have not been disclosed.
The United States has announced an oil agreement with Venezuela that President Donald Trump says would give Washington majority control over 65 billion barrels of the country’s proven reserves.
Trump announced the agreement on Friday, August 28, 2026, saying it had been negotiated with Venezuela’s interim president, Delcy Rodríguez, through a partnership involving private business. He said Secretary of State Marco Rubio and Defense Secretary Pete Hegseth helped broker the arrangement.
The announcement did not identify the oilfields or companies involved, explain the ownership structure, or describe how the United States would exercise control. Those missing details leave the agreement’s legal and commercial implications unclear.
Venezuela holds an estimated 303 billion barrels of proven oil reserves, the largest total in the world. Its oil industry currently produces about 1.25 million barrels of crude per day after years of underinvestment and operational decline.
The agreement follows reports that US officials had discussed taking stakes in Venezuelan fields, including assets in the Orinoco Belt and around Lake Maracaibo. Venezuelan opposition figures have challenged the legitimacy of any long-term transfer of control negotiated by the interim authorities.
The move comes as Washington seeks additional crude supplies for US refineries and ways to rebuild the Strategic Petroleum Reserve. US energy companies, including Chevron, are also expected to pursue new investments in Venezuela’s oil sector.
