What we know about Trump’s deal giving US access to vast oil reserves in Venezuela

On August 29, 2026, President Donald Trump announced what he called "THE BIGGEST OIL DEAL IN WORLD HISTORY" with Venezuela. The deal involves the United States gaining a stake in Venezuela's vast oil reserves, a move that aligns with Trump's aim of extracting energy from the country after capturing then-President Nicolás Maduro in January. Maduro was then taken to New York to face federal drug trafficking charges.

Venezuela's acting president, Delcy Rodríguez, described the deal as a step toward economic recovery and modernizing the country's oil industry. However, many details about the agreement remain unclear, with no text released and questions remaining about when drilling could begin and who would cover the costs.

The agreement involves a new private company formed by the U.S. government and an unnamed Venezuelan operator, which has been granted rights to 17 untapped oil fields for 100 years. The development of these fields, with a proven potential of 65 billion barrels, could attract $100 billion in investment and generate over $209 billion in taxes for Venezuela.

The U.S. will have 55% effective output from the new private company, including ownership stakes and rights to purchase oil at cost. This oil will be used to bolster the U.S. strategic oil reserves and support military operations. The new company would rank second among corporate holders of proven oil reserves, just behind Saudi Aramco. The terms of the deal were reportedly negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and Rodríguez.