The biggest oil deal in history: America seizes 65 billion barrels of Venezuela’s reserves
The biggest oil deal in history: America seizes 65 billion barrels of Venezuela’s reserves
2026-08-29
Shafaq News – Washington
Early Saturday, US President Donald Trump announced an unprecedented campaign to seize control of about 20% of Venezuela’s vast oil reserves, relying on the ability of US companies to revive the deteriorating energy sector in this OPEC member country, while providing a new source of crude oil to help lower fuel prices in the United States.
Trump provided few details about the agreement, saying only that the United States had secured a controlling majority stake in more than 65 billion barrels of Venezuela’s proven oil reserves through a partnership with the private sector.
Trump wrote on Truth Social: “At my direction, Secretary of State Marco Rubio and Secretary of Defense Pete Hegseth, in close cooperation with the honorable Interim President of Venezuela Delcy Rodriguez, and through a partnership with private companies, have successfully secured a U.S. majority controlling interest in more than 65 billion barrels of proven oil reserves in Venezuela, at no cost to the American taxpayer.”
This announcement comes after weeks of negotiations between the US and Venezuela over an agreement that would give US companies long-term access to a range of Venezuelan oil fields and guarantee the resulting crude oil supplies to the United States.
For his part, US Secretary of State Marco Rubio commented on the agreement, saying that “the oil deal is a huge win for both the American and Venezuelan people.”
Rubio added, in a statement, that “the oil deal with Venezuela shows how the president’s bold foreign policy drives gains within the America First approach.”
In contrast, Venezuela confirmed on Saturday that it had reached an oil agreement with the United States that gives Washington majority control over 65 billion barrels of Venezuela’s proven oil reserves.
Venezuela’s acting president, Delcy Rodriguez, wrote on the “X” platform that this “historic” agreement will have “a great impact on the revival of our nation,” as she put it.
Delcy Rodriguez praised potential investments worth “over $100 billion and more than $209 billion in state tax revenue.”
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