Trump Announces ‘Historic’ Deal With Venezuela That ‘MORE THAN DOUBLES’ U.S. Oil Reserves

August 29, 2026 8:59 AM ET President Donald Trump announced an historic energy deal with Venezuela in a Truth Social post Friday night.The president called the deal “THE BIGGEST OIL DEAL IN WORLD HISTORY.” Trump wrote that the United States secured “majority U.S. control” of over 65 million barrels’ worth of Venezuelan

President Donald Trump said that the U.S. and Venezuela have reached a deal that he said would give the U.S. a majority control of billions of barrels of oil reserves.

US President Donald Trump announced an agreement with Venezuela to take control of 65 billion barrels of oil. The South American country has the largest proven oil reserves in the world.

The President has sought American control over the South American nation's reserves since it deposed dictator Nicolas Maduro earlier this year in Operation Absolute Resolve.