US-Venezuela oil deal: Trump announces agreement over 65 billion barrels of reserves

In a recent announcement, U.S. President Donald Trump revealed a deal with Venezuela to take control of 65 billion barrels of the South American nation's oil reserves. According to a social media post by Trump, the agreement was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and Venezuela's interim President Delcy Rodriguez. The deal has been hailed as "the biggest oil deal in world history" by Trump.

The U.S. military facilitated the capture of Venezuela's president Nicolás Maduro, who was taken to the United States to face charges of narcoterrorism and drug trafficking. This operation took place nearly nine months prior to the announcement of the oil deal.

Trump's administration has faced pressure to address high gas prices, with the war in Iran ongoing for six months without a conclusive end. In response, the U.S. has tapped its strategic petroleum reserves, which had fallen below 300 million barrels in early August, down from more than 400 million barrels at the start of 2026.

The announcement of the Venezuela deal has been met with mixed reactions. While some, like Republican Marco Rubio, believe the deal will lead to USD 100 billion in private investment and lower gas prices in the United States, others remain skeptical due to Venezuela's dilapidated infrastructure and the potential challenges American oil companies may face in returning to the region.