President Donald Trump announced a new oil agreement with Venezuela that he says would give the United States majority control of more than 65 billion barrels of proven oil reserves. The full terms of the deal have not yet been disclosed.
Key facts
- Trump announced the agreement on Friday, August 28, 2026.
- The deal would grant the US 'majority' control of over 65 billion barrels of proven Venezuelan oil reserves, according to Trump.
- Trump said the deal was made with Venezuela's interim president Delcy Rodríguez.
- Trump said the agreement was brokered 'through a partnership with private business.'
- Secretary of State Marco Rubio and Defense Secretary Pete Hegseth were credited with brokering the deal.
US President Donald Trump announced on Friday a new oil agreement with Venezuela that he says would give the United States majority control of more than 65 billion barrels of proven oil reserves. Trump described the agreement as ‘historic,’ according to the BBC.
According to the Guardian, Trump said the deal was reached with Venezuela’s interim president Delcy Rodríguez. Writing on his social-media platform, Trump said the US would have ‘majority’ control of the 65 billion barrels of proven oil reserves.
Trump said the agreement had been brokered ‘through a partnership with private business,’ the Guardian reported. He credited his secretary of state, Marco Rubio, and defense secretary, Pete Hegseth, with brokering the deal.
The BBC reported that the agreement would grant the US majority control of over 65 billion barrels of proven Venezuelan oil reserves, as stated by Trump.
The specific terms of the agreement remain to be seen, according to the Guardian. The available reporting did not detail how control would be structured, the timeline for the arrangement, or how the private business partnership would operate.
The announcement was reported by multiple outlets, including CNBC, the Guardian and the BBC, on August 28 and 29, 2026.
Why it matters
Venezuela holds some of the world's largest proven oil reserves, so any US arrangement to control a significant portion could carry major implications for global energy markets and geopolitics. However, with the full terms undisclosed, the practical impact of the announced deal remains unclear.
Frequently asked questions
How much oil does the deal involve?
According to Trump, the agreement would grant the US majority control of more than 65 billion barrels of proven Venezuelan oil reserves.
Who negotiated the agreement?
Trump said the deal was brokered through a partnership with private business by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, and was reached with Venezuela's interim president Delcy Rodríguez.
Are the full terms of the deal known?
No. According to the Guardian, the terms of the agreement remain to be seen and have not been publicly detailed.