Donald Trump revealed that the United States has reached an agreement with Venezuela to control over 65 billion barrels of proven oil reserves, claiming it will increase oil supply and reduce fuel prices in the U.S.
On 29 August 2026, U.S. President Donald Trump announced that the United States has secured a major agreement with Venezuela to control more than 65 billion barrels of Venezuela's proven oil reserves, calling it the largest oil deal in world history.
Trump posted on social media that this deal will more than double the United States’ oil reserves, increase oil supply in the market, and help lower gasoline prices for Americans in the long term, emphasizing that the deal will not cost U.S. taxpayers.
According to Trump, the agreement was reached through negotiations involving U.S. Secretary of State Marco Rubio and Secretary of Defense Pete Hegseth, together with Venezuela’s acting President Delcy Rodriguez, in cooperation with the private business sector.
However, no details have been disclosed yet regarding the deal’s structure, the terms under which the U.S. will gain access, or the role of private companies involved in the partnership.
Venezuela holds the world’s largest proven oil reserves, approximately 303 billion barrels, but its oil production has sharply declined from its late 1990s peak due to investment issues and deteriorating infrastructure in the oil industry.
Source: AP