Trump Announces US-Venezuela Deal for 65 Billion Barrels of Oil Reserves

President Donald Trump announced on Friday that the United States has reached an agreement with Venezuela to take control of 65 billion barrels of the South American nation's oil reserves. The announcement was made via a social media post, where Trump described it as "THE BIGGEST OIL DEAL IN WORLD HISTORY!"

The President stated that the agreement was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and Venezuela's interim President Delcy Rodriguez.

This development comes nearly nine months after a US military operation, ordered by Trump, captured Venezuela's President Nicolás Maduro and brought him to the United States to face federal narcoterrorism and drug trafficking charges.

The deal is announced amid mounting pressure on the administration to address high gas prices, as the conflict in Iran reaches a six-month mark with no resolution in sight. The US has been drawing down its strategic petroleum reserves, which fell below 300 million barrels in early August, a decline of over 100 million barrels since the start of 2026.

Following Maduro's ouster in January, Trump had floated the idea of US oil companies returning to Venezuela. He has argued that Venezuela effectively stole US oil when former President Hugo Chavez nationalized hundreds of foreign-owned assets decades ago.

Venezuela holds an estimated 303 billion barrels of crude oil, roughly 17% of the world's supply, according to the US Energy Information Administration. While these reserves are largely mapped and known, the country's dilapidated infrastructure means it currently produces only about 1% of the world's oil.