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U.S. President Donald Trump said the United States has reached an agreement with Venezuela that would give Washington majority control over more than 65 billion barrels of the country’s proven oil reserves, describing it as the “biggest oil deal in world history.”

Trump announced the agreement on August 28, saying the arrangement would expand U.S. access to Venezuelan crude, increase oil supplies and help lower gasoline prices. The precise legal and commercial structure of the agreement, however, has not yet been fully disclosed.

The announcement comes as Washington faces pressure over elevated gasoline prices and concerns about global oil supplies, particularly amid disruptions associated with the continuing conflict involving Iran.

Venezuela’s interim President Delcy Rodríguez later confirmed the agreement, describing it as a historic arrangement involving the development of 17 strategic oil fields. She said the projects could attract around $100 billion in investment and generate more than $209 billion in tax revenue for the Venezuelan state.

The agreement involves 17 strategic oil fields rather than Venezuela’s entire reserve base. Earlier reports on the negotiations said the fields under discussion contained approximately 90 billion barrels of proven reserves, although Trump later announced that the finalized agreement would give the United States majority control over more than 65 billion barrels.

🚨 "BREAKING NEWS: The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!" – President Donald J. Trump 🇺🇸 pic.twitter.com/AsQqX3Y0sy

— The White House (@WhiteHouse) August 28, 2026

Venezuela has an estimated 303 billion barrels of crude oil reserves, making it the country with the largest proven oil reserves in the world. The U.S. Energy Information Administration estimates that Venezuela holds about 17% of global oil reserves.

Despite the size of its reserves, Venezuela produces only a small share of the world’s oil. Years of underinvestment and deteriorating infrastructure have limited production, leaving much of the country’s oil potential undeveloped.

The new arrangement is intended to bring U.S. and other private companies back into the sector, with investment aimed at restoring production and infrastructure. The Venezuelan government would receive a larger flow of oil revenue as the fields are developed.

Trump Links Deal to US Energy Security

Trump has repeatedly pushed for greater U.S. access to Venezuelan oil and encouraged American energy companies to return to the country. His administration has made energy security and increased U.S. influence in the Western Hemisphere central elements of its foreign policy.

In announcing the agreement, Trump said the transaction would increase U.S. oil supplies and “substantially lower Gas Prices for all Americans.” He also said the deal would put Venezuela on a path toward economic recovery and prosperity.

U.S. Secretary of State Marco Rubio called the agreement a major success for both countries. He said the arrangement would secure additional oil supplies in the Western Hemisphere while supporting lower energy prices in the United States.

Rubio also said the agreement could bring around $100 billion in private investment to Venezuela, create thousands of jobs, and support reconstruction of the Venezuelan economy.

The deal also comes at a sensitive time for the U.S. energy market. The Strategic Petroleum Reserve fell below 300 million barrels in early August, increasing pressure on Washington to strengthen energy security and secure additional sources of crude.

US-Venezuela Ties Enter New Phase

The agreement follows a major shift in relations between Washington and Caracas after the U.S. military operation that resulted in the capture of Venezuelan President Nicolas Maduro in January. Maduro was taken to the United States to face federal charges related to narcoterrorism and drug trafficking.

In the months following Maduro’s capture and transfer to the United States, Trump said U.S. companies would return to Venezuela and help rebuild its oil industry. The U.S. administration has since pursued arrangements that would give American companies a greater role in developing the country’s energy resources.

The latest negotiations have been led by Rubio and Rodríguez, with senior U.S. officials from the State and Defense departments holding discussions with Venezuelan counterparts in Caracas last month. White House Deputy Chief of Staff Stephen Miller has also been involved in the talks.

The negotiations have included discussions over how the arrangement would be presented inside Venezuela, where concerns remain over foreign control of the country’s natural resources. U.S. officials have emphasized that the investment would generate revenue, employment and economic reconstruction for Venezuela.

Energy Investment Faces Major Challenges

The agreement could give U.S. companies access to some of the world’s largest undeveloped oil resources, but rebuilding Venezuela’s petroleum industry will require substantial investment.

The country’s oil infrastructure has deteriorated over years of economic and political turmoil. Although its reserves are well known and largely mapped, production has remained far below the country’s potential.

Political uncertainty has also made international companies cautious about returning to Venezuela. The new agreement is therefore expected to depend not only on the financial terms but also on guarantees that companies can operate and recover their investments over the long term.

The scale of the proposed investment reflects the size of the challenge. Rodríguez said the projects could generate more than $100 billion in investment and more than $209 billion in taxes for the Venezuelan state.

If implemented, the arrangement could significantly increase Venezuelan production while giving U.S. companies a major role in rebuilding the country’s oil sector.

The precise timetable for putting the projects into operation remains unclear. U.S. Energy Secretary Chris Wright is expected to travel to Venezuela as Washington examines ways for American companies to increase oil production in the country.

The agreement would mark a major expansion of U.S. involvement in Venezuela’s energy industry and could reshape the country’s oil sector after years of declining production.

The deal offers access to a vast nearby source of crude to Washington, especially at a time of heightened concern over global energy security. At the same time, the proposed investment could provide the capital needed to restore production, rebuild infrastructure, and increase government revenues for Venezuela.

The scale of the resources involved makes the agreement potentially significant for both countries, but its long-term impact will depend on how quickly investment can translate Venezuela’s enormous reserves into sustained production.