U.S. has entered deal with Venezuela to take control of 65 billion barrels of oil reserves, says Trump
President Donald Trump announced that the United States has reached a major agreement with Venezuela to secure control over 65 billion barrels of the nation's oil reserves. The deal was reportedly negotiated by Secretary of State Marco Rubio and Defence Secretary Pete Hegseth alongside Venezuelan interim President Delcy Rodriguez.
Why it matters
This agreement represents a massive shift in global energy geopolitics and U.S.-Venezuela relations, potentially impacting global oil supply chains and energy markets.
President Donald Trump on Friday (August 28, 2026) said the U.S. has entered into an agreement with Venezuela to take control of 65 billion barrels of the South American country’s oil reserves.
Mr. Trump, in a social media post, announced the agreement he said was negotiated by Secretary of State Marco Rubio, Defence Secretary Pete Hegseth and Venezuela’s interim President Delcy Rodriguez.
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