Trump announces ‘biggest oil deal in world history’ with Venezuela
President Donald Trump announced a deal with Venezuela to secure majority U.S. control over 65 billion barrels of oil reserves. The agreement aims to boost U.S. energy supplies and lower gas prices, though it faces potential legal hurdles in Venezuela.
Why it matters
This deal represents a major shift in U.S.-Venezuela relations and global energy markets, potentially altering geopolitical dynamics in Latin America.
US president says deal secures majority US control of more than 65 billion barrels of proven oil reserves in Venezuela.
x whatsapp-stroke copylink google Add Al Jazeera on Google info An oil tanker anchored in Puerto Cabello, Venezuela [File: Jesus Vargas/Getty Images] By Al Jazeera Staff and Reuters Published On 29 Aug 2026 29 Aug 2026 The United States has struck a deal with Caracas that would give them control of some 65 billion barrels of Venezuela’s proven oil reserves, President Donald Trump has announced, while reviving the OPEC nation’s battered energy industry.
In a post on Truth Social, Trump said the “historic transaction more than doubles American oil reserves” and “will substantially lower gas prices for all Americans”.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in