Trump announces massive oil deal with Venezuela for over 65 billion barrels in reserves

President Donald Trump announced on Friday that he struck a historic oil deal with Venezuela, after wresting power from former Venezuelan dictator Nicolas Maduro in January. The president said the United States has established “majority” control over more than 65 billion barrels of oil in Venezuela, “at no cost to the

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.

U.S. President Donald Trump on Friday said the U.S. had entered into an oil agreement with Venezuela.

Trump announces sweeping US grab for control of Venezuela's vast oil reserves  Reuters

The president says the agreement with Venezuela that will allow the US to “more than double” its existing oil reserves.

US President Donald Trump speaks in the Rose Garden of the White House in Washington, DC, on Aug. 24, 2026. Jim Watson | AFP | Getty ImagesThe U.S. struck a deal with Venezuela to get majority control of more than 65 billion barrels of oil reserves as the war with Iran roils the global crude trade, President Donald Tru

President Donald Trump announced Friday that the United States had reached an agreement with Venezuela securing majority U.S. control of more than 65 billion barrels of oil reserves, touting the deal as a major boost to U.S. energy security and a potential long-term answer to rising gas prices. Trump announced the agre