‘Biggest deal in history’: Trump says US to control 65bn barrels of Venezuela oil

U.S. President Donald Trump announced on Friday an agreement with Venezuela that would grant the United States control over 65 billion barrels of Venezuela's oil reserves, describing it as "the biggest oil deal in world history." The deal was negotiated by Secretary of State Marco Rubio, Defence Secretary Pete Hegseth and Venezuela's interim President Delcy Rodriguez. Trump shared the news on social media, emphasizing the tremendous size of the agreement.

The announcement came shortly after U.S. military forces captured Venezuela's President Nicolás Maduro and brought him to the United States to face charges related to narcoterrorism and drug trafficking. The oil agreement arrives at a challenging time for Trump domestically, with high petrol prices causing concern within his administration. The war in Iran has also dragged on for six months with no end in sight, further fueling worries about energy supplies.

In recent months, the U.S. has been tapping into its strategic petroleum reserves to mitigate energy pressures. The reserves dipped below 300 million barrels in early August, a significant drop of over 100 million barrels since the start of 2026. Trump had previously mentioned bringing U.S. oil companies back to Venezuela following Maduro's removal in January.

He has also accused Venezuela of stealing U.S. oil after former President Hugo Chávez nationalized hundreds of foreign-owned assets, including those belonging to American oil companies.

Venezuela boasts an estimated 303 billion barrels of crude oil reserves, placing it among the world's largest holders of oil and accounting for approximately 17% of global reserves. While much of Venezuela's oil is already mapped and known, the country has struggled to convert those reserves into production due to the deterioration of its oil infrastructure. As a result, Venezuela currently produces only about 1% of the world's oil despite its substantial share of global reserves.