US secures majority control of Venezuelan oil reserves
Analysis based on 56 articles · First reported Aug 28, 2026 · Last updated Aug 31, 2026
The deal is expected to increase global oil supply and put downward pressure on crude prices, benefiting US consumers and refiners. It also signals improved US-Venezuela relations, potentially attracting significant private investment to Venezuela's oil sector, though implementation risks and legal uncertainties remain.
On August 29, 2026, US President Donald Trump announced a historic agreement with Venezuela granting the United States majority control of more than 65 billion barrels of Venezuela's proven oil reserves, which he called 'the biggest oil deal in world history.' The deal, negotiated by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth with Venezuela's interim president Delcy Rodríguez, involves a partnership with private business and comes at no cost to US taxpayers. It is expected to more than double US oil reserves, increase oil supply, and lower gasoline prices for Americans. For Venezuela, the deal is projected to bring nearly $100 billion in private investment and generate over $209 billion in tax revenue, aiding the country's economic recovery. The agreement follows the US capture of former president Nicolás Maduro in January 2026 and is part of broader efforts to revive Venezuela's oil industry. Details on the structure, fields, and companies involved remain unclear, and the deal may face legal and constitutional challenges in Venezuela. The agreement is seen as a major test of Trump's strategy to use Venezuelan oil to bolster US energy supplies and reduce fuel prices ahead of midterm elections.
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