US Secures Control of More Than 65 Billion Barrels of Venezuela's Oil Reserves

US President Donald Trump announced a deal on Friday, August 28, 2026, under which the United States gains majority control of more than 65 billion barrels of Venezuela's proven oil reserves, a figure he said would more than double America's effective reserves. Secretary of State Marco Rubio called the agreement a huge win for both countries, saying it would bring roughly 100 billion dollars in private investment and 209 billion dollars in tax revenue for Venezuela. Under the deal the US government retains 55 percent control of a joint venture with an experienced private operator in Venezuela, and full contract details have not been released. The agreement, covering 17 oil fields including the Orinoco Belt, comes as US gasoline prices have risen because of the Iran war, adding domestic pressure on Trump to bring prices down. Some analysts, including Rachel Ziemba of the Center for a New American Security, cautioned that given Venezuela's aging infrastructure and current output of about 1.2 million barrels a day, the deal is unlikely to have a material effect on global oil supply in the near term.