Trump announces new US oil agreement with Venezuela
News Source
•Fri, 28 Aug 2026 23:34:36 GMT
📰 What Happened
Donald Trump has announced a new US oil agreement with Venezuela's interim president Delcy Rodríguez. He says the US will have 'majority' control of more than 65 billion barrels of Venezuela's proven oil reserves, at no cost to US taxpayers. Trump claims the deal would more than double American oil reserves.
Few details were given about which fields or companies are involved or how the US would control the reserves. Secretary of state Marco Rubio called it a huge win for both countries. Venezuela is estimated to hold 303 billion barrels of proven reserves, the largest in the world.
🔍 The Backstory
Venezuela has the world's largest proven oil reserves, but its industry has badly decayed under years of economic crisis and sanctions. In January, the US captured and removed former president Nicolás Maduro from power. Since then, Washington has been trying to secure a stable flow of Venezuelan crude for US refineries.
Control over foreign oil reserves is highly unusual and raises big questions about ownership, law, and politics. The agreement was reportedly brokered through private business partners by Rubio and defense secretary Pete Hegseth.
🎯 Why It Matters
Oil prices affect what you pay for fuel, heating, and nearly every product shipped to stores. A deal that adds huge US-controlled reserves could shape global oil supply for years and keep energy prices more stable.
Donald Trump has announced a new US oil agreement with Venezuela's interim president Delcy Rodríguez. He says the US will have 'majority' control of more than 65 billion barrels of Venezuela's proven oil reserves, at no cost to US taxpayers. Trump claims the deal would more than double American oil reserves.
Few details were given about which fields or companies are involved or how the US would control the reserves. Secretary of state Marco Rubio called it a huge win for both countries. Venezuela is estimated to hold 303 billion barrels of proven reserves, the largest in the world.
Venezuela has the world's largest proven oil reserves, but its industry has badly decayed under years of economic crisis and sanctions. In January, the US captured and removed former president Nicolás Maduro from power. Since then, Washington has been trying to secure a stable flow of Venezuelan crude for US refineries.
Control over foreign oil reserves is highly unusual and raises big questions about ownership, law, and politics. The agreement was reportedly brokered through private business partners by Rubio and defense secretary Pete Hegseth.
Oil prices affect what you pay for fuel, heating, and nearly every product shipped to stores. A deal that adds huge US-controlled reserves could shape global oil supply for years and keep energy prices more stable.