‘Biggest oil deal in world history’: Trump says US to take partial control of 65 billion barrels of Venezuelan oil

On August 28, 2026, United States President Donald Trump announced a historic oil agreement with Venezuela, claiming it to be "the biggest oil deal in world history." The arrangement was reportedly negotiated by Secretary of State Marco Rubio, Secretary of War Pete Hegseth, and Venezuela's interim President Delcy Rodriguez. In a social media post, Trump credited these individuals for securing the deal, which would more than double American oil reserves and significantly reduce gas prices for Americans in the future.

Trump framed the deal as a means of boosting Venezuela, stating that it would help the country achieve "tremendous success and great prosperity," and described it as strengthening the relationship between the two nations. This announcement comes nearly nine months after a US military operation captured Venezuelan President Nicolás Maduro and brought him to the United States to face charges of narco-terrorism and drug trafficking.

Since then, Washington has worked to reconfigure its relationship with Caracas and increase American access to Venezuela's oil sector.

The driving force behind this deal is the mounting pressure on Trump to lower high gas prices domestically. This pressure has grown as the six-month-long Iran conflict disrupts global oil flows, keeping fuel costs elevated. Additionally, the US has been reducing its Strategic Petroleum Reserve to manage supply, with stockpiles falling below 300 million barrels in early August, a decline of over 100 million barrels since the beginning of 2026.

The details of the agreement, including involved companies and the mechanisms of US control over the reserves, have not been disclosed. The announcement is expected to provoke scrutiny over the deal's structure and its potential legal or political challenges in Venezuela.