Trump announces 'historic' agreement for US stake in Venezuela oil reserves

On 29 August 2026, Trump announced what he called a 'historic' deal for the US to take a large stake in, or partial control of, Venezuela's oil reserves, which he put at 65 billion barrels. He called it the 'biggest oil deal in world history' and said it would more than double US reserves and lower gas prices. Rubio said it would bring $100 billion in investment and thousands of jobs to Venezuela, and Venezuela also announced an oil deal with the US. The announcement came as gas prices remained high six months into the Iran war.

Details were limited. Dawn noted that Trump offered few specifics, The Economist called the deal murky and said it covers about a fifth of Venezuela's oil, and The Telegraph wrote that the US would own the oil for 100 years. The Hindustan Times asked whether the 65 billion barrels can actually be delivered. A top energy trader called it a 'generational win' for gas prices, and Eni said it is working with Venezuela to revive its energy sector.