Donald Trump says US secures majority control over more than 65 billion barrels of proven reserves
Venezuela, once a staunch anti-American state, moves toward normalization after Maduro's removal
![Former Venezuelan President Nicolas Maduro is transported to New York after being arrested by US Drug Enforcement Administration agents in January. A special forces member who participated in the operation was found to have used inside information to place a $33,000 bet on a prediction market, netting $410,000. [White House X account]](https://wimg.heraldcorp.com/news/cms/2026/08/29/news-p.v1.20260424.ffb682fa1a034f14aac7430493333d5c_P1.jpg)
President Donald Trump announced that the United States has reached a major oil deal with Venezuela — the world's largest holder of proven crude reserves and long one of Washington's most prominent adversaries. The agreement gives the US majority control over Venezuela's verified oil reserves, and analysts are watching closely to see whether it could help bring down global crude prices that have surged amid the war with Iran.
Trump said Friday (local time) on Truth Social that "the United States has just made a deal with Venezuela on the largest oil transaction in the history of the world."
He said Secretary of State Marco Rubio and Department of War Secretary Pete Hegseth worked closely with Venezuelan interim President Delcy Rodriguez and, through partnerships with private companies, secured majority US control over more than 65 billion barrels of Venezuela's proven oil reserves — at no cost to American taxpayers.
Specific terms of the agreement were not disclosed, but the deal is understood to involve US oil companies participating in Venezuelan crude development and production, with the American side securing substantial development and extraction rights.
Venezuela holds the world's largest proven oil reserves but has long been regarded as one of Latin America's most staunchly anti-American states. US forces carried out a military operation in January at Trump's direction to remove former President Nicolas Maduro, and the country has cooperated with the Trump administration since.
If the deal translates into actual increases in crude output, it could help ease global oil prices and domestic gasoline costs that have spiked as a result of the war with Iran.
Trump also emphasized the deal's potential to lower prices. "This historic deal, which will more than double America's oil reserves, will dramatically increase the oil supply and significantly lower the cost of gasoline for all Americans for a long time to come, while helping Venezuela move toward great success and prosperity," he said.
He added that the deal "will greatly solidify the already growing relationship between Venezuela and the United States."
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