‘Biggest oil deal in world history’: Trump says US secures control of 65 billion barrels of Venezuela oil

The United States has entered into an agreement with Venezuela that will give American interests majority control of more than 65 billion barrels of the South American nation’s proven oil reserves, US President Donald Trump said.

Trump described the agreement as the “biggest oil deal in world history” and said the arrangement was secured through a partnership with private businesses, under the direction of Secretary of State Marco Rubio and Secretary of War Pete Hegseth.

“The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY! At my direction, Secretary of State Marco Rubio, and Secretary of War Pete Hegseth, working closely with Highly Respected Interim President of Venezuela, Delcy Rodriguez, and, through a partnership with private business, have secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer," Trump said in a post on Truth Social.

Trump said the agreement would “more than double” America's total oil reserves. He also argued that increased access to Venezuelan crude would help bring down domestic gasoline prices while supporting an economic recovery in Venezuela.

“This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans, long into the future, while helping to continue to set Venezuela on a course toward Tremendous Success and Great Prosperity. This Transaction will greatly strengthen the already growing relationship between Venezuela and the United States! Thank you for your attention to this groundbreaking matter," added Trump.

The announcement follows months of growing US involvement in Venezuela’s energy sector, including sanctions enforcement and greater oversight of the country’s oil exports. Washington has said such measures were aimed at bringing greater stability to Venezuela’s energy industry.

US oil reserves fall by 100 million barrels since January

The agreement comes as the US faces pressure over energy supplies and fuel prices amid the continuing war involving Iran. The US Strategic Petroleum Reserve fell below 300 million barrels in early August, marking a decline of more than 100 million barrels from January 2026 levels.

Venezuela’s vast oil reserves could therefore provide Washington with access to a significant additional source of crude. According to the US Energy Information Administration, Venezuela has an estimated 303 billion barrels of crude oil reserves, equivalent to around 17% of global reserves.

The development also follows the US military operation in Venezuela nine months ago, when former president Nicolas Maduro and his wife were captured from their home and taken to the US to face charges related to narcoterrorism and drug trafficking.