US to take 35% stake in Venezuelan mogul Betancourt's oil venture, WSJ reports

In the United States on 30 August 2026, the US is to take a 35% stake in the oil venture of Venezuelan mogul Betancourt, according to the Wall Street Journal. The Journal also described a Trump plan to give the Pentagon a stake in Venezuela’s oil riches.

Trump called it the biggest oil deal in world history and claimed 55% of Venezuela’s reserves for 100 years; no text of the deal has been released. Trump wants to fill US strategic reserves with Venezuelan oil and promises cheap gasoline. The deal has drawn objections from both sides of the Venezuelan political divide, according to Bloomberg.