US and Venezuela reach major oil deal, Trump announces
U.S. President Donald Trump has announced an agreement with Venezuela giving the United States majority control over more than 65 billion barrels of the South American country’s proven oil reserves, reports a Qazinform News Agency correspondent.
Trump unveiled the agreement on Friday, describing it as “the biggest oil deal in world history.”
According to the U.S. President, the deal was negotiated by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth with Venezuela’s interim President Delcy Rodríguez and involves a partnership with private businesses.
“This historic transaction more than doubles American oil reserves, greatly increases our oil supply, and will substantially lower gas prices for all Americans,” Trump wrote on Truth Social.
The agreement is expected to cover the development of 17 strategic oil fields and attract nearly $100 billion in private investment. The United States is expected to hold a majority operational stake in the venture.
Rubio described the agreement as a “huge win” for both countries, saying it would secure stable and lower-cost oil supplies for the United States while supporting Venezuela’s economic recovery.
“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,” Rubio said in a post on X.
This deal is a huge win for both the American and Venezuelan people.
— Secretary Marco Rubio (@SecRubio) August 28, 2026
It demonstrates how President Trump's bold foreign policy is driving America First wins: securing stable reserves and low-cost oil in our Hemisphere and lowering gas prices here at home.
For the Venezuelan… https://t.co/SMSRYGWmVb
Venezuela holds the world’s largest proven crude oil reserves, estimated at more than 300 billion barrels. However, years of underinvestment, deteriorating infrastructure and political instability have left the country producing only a fraction of its potential.
The agreement comes as Washington seeks to increase energy supplies and ease pressure on domestic fuel prices amid disruptions to global oil markets caused by the conflict with Iran.
Earlier, Qazinform News Agency reported that Venezuelan President Nicolás Maduro and his wife, Cilia Flores, will stand trial in the United States beginning June 1, 2027, following a ruling by a U.S. judge.