'Biggest deal in world history': Trump says US secured 65 billion barrels of Venezuelan oil

Venezuelan interim President Delcy Rodriguez said the oil deal was expected to generate $209 billion for Venezuela's treasury.

Updated on: Aug 29, 2026, 06:22:44 IST

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Donald Trump on Friday announced an oil agreement with Venezuela. The deal would increase American access to crude, expand supplies and eventually bring down gasoline prices, the US President said.

Trump said the US secured majority control of more than 65 billion barrels of Venezuelan oil reserves through a partnership involving the government and private businesses.

“At my direction, Secretary of State Marco Rubio, and Secretary of War Pete Hegseth, working closely with Highly Respected Interim President of Venezuela, Delcy Rodriguez, and, through a partnership with private business, have secured majority US control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer,” Trump wrote on Truth Social.

He described the agreement as a major boost for US energy supplies, claiming it will “MORE THAN DOUBLE” American oil reserves and help lower gas prices.

Rodriguez welcomes deal

Venezuelan interim President Delcy Rodriguez welcomed the agreement, saying it would bring major revenues to the country's treasury.

Rodriguez said the deal would bring a major flow of investment into Venezuela, particularly for rebuilding and modernising infrastructure needed to expand its hydrocarbons industry.

According to Rodriguez, the agreement will increase oil production through private operators and cover the development of 17 strategic oil fields with a combined proven potential of around 65 billion barrels.

She said the projects are expected to attract more than $100 billion in investment and generate over $209 billion in taxes for the Venezuelan state.

She also said Venezuela wants to use its large oil reserves to strengthen its position as a major energy producer, while directing the benefits towards economic development, job creation, higher worker incomes and improved living standards.

“Venezuela is thus ushering in a new era of recovery, growth, production, security, and prosperity for our people,” she said.

US to control 55% output

A White House official said the agreement gave the US a 55% effective share of the output from a new private joint venture, which is expected to become the world's second-largest private oil company by reserves.

The official said Venezuelan interim President Delcy Rodriguez, with US support, has granted the private company 100-year concessions to operate the oil fields. The venture will involve the US government and a private operator in Venezuela.

The US government has secured more than half the value of the new company through equity ownership and guaranteed purchases of oil at cost, the official said.

“The United States Government has secured more than half the value of this new oil giant, split between equity ownership and guaranteed at-cost off-take,” the official said, as per CNN.

The oil produced will help replenish the US Strategic Petroleum Reserve and meet the energy needs of the American military, according to the official.

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