Trump announces agreement with Venezuela for US control of oil reservesPhoto by Polina Zimmerman on Pexels
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Trump announces agreement with Venezuela for US control of oil reserves

oglobo29 August 2026 at 00:11

President of the United States Donald Trump announced this Friday that the country has reached an agreement with Venezuela to take majority control of more than 65 billion barrels of proven Venezuelan oil reserves. In a post on social media Truth Social, Trump classified the operation as "the biggest oil deal in world history."

According to the Republican, the negotiation was conducted by Secretary of State Marco Rubio and Secretary of Defense Pete Hegseth, in conjunction with Venezuela's interim president, Delcy Rodríguez, and private companies. The agreement will cost American taxpayers nothing.

Trump stated that the transaction will more than double US oil reserves, considerably increase oil supply, and substantially reduce fuel prices for all Americans for many years to come. The president did not provide details on the terms of the agreement in the post.

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