Trump announces 'biggest oil deal in world history' with Venezuela

U.S. President Donald Trump announced a historic oil deal with Venezuela on Aug. 29, claiming it to be the "biggest oil deal in world history." Secretary of State Marco Rubio and Secretary of War Pete Hegseth, along with Venezuelan Interim President Delcy Rodriguez, secured majority U.S. control over over 65 billion barrels of proven oil reserves in Venezuela without incurring any cost to American taxpayers.

The deal would more than double U.S. oil reserves, significantly increase oil supplies, and lower gasoline prices for Americans while setting Venezuela on a path to "Tremendous Success and Great Prosperity." This transaction would give the United States 55% of the production of a new private joint venture, which, by reserves, would become the second-largest private oil company in the world.

The deal also involves granting 100-year concessions to oil fields to a private company, a joint venture between the U.S. government and a private operator in Venezuela. U.S. Secretary of State Marco Rubio hailed the agreement as a "huge win for both the American and Venezuelan people," promising nearly $100 billion in private investment and thousands of high-paying jobs for Venezuelans.

The administration had been negotiating with Venezuela's interim government since Aug. 28 to acquire a stake in the country's vast oil resources, having discussed the possibility even before the January 3 capture of dictator Nicolás Maduro. As of August, half of Venezuela's oil production was exported to the United States. The political dialogue between Venezuela's government and opposition representatives, supported by the U.S., aims to determine future democratic elections. On Jan. 3, U.S. special forces captured Maduro and his wife, removing them from the country.