Trump Announces Deal for US to Take Ownership of 65 Billion Barrels of Venezuelan Oil

The president called the agreement 'the biggest oil deal in world history.'
Published: 8/28/2026, 7:44:49 PM EDT
Trump Announces Deal for US to Take Ownership of 65 Billion Barrels of Venezuelan Oil
Oil rigs are pictured in Cabimas, south of Lake Maracaibo, Zulia State, Venezuela, on Jan. 31, 2026. (Maryorin Mendez/AFP via Getty Images)
President Donald Trump announced in a Truth Social post on Friday that the United States is taking control of 65 billion barrels from Venezuela’s oil reserves.

“The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!” Trump wrote. “This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans.”

The announcement of the deal comes as gas prices in the United States have remained high six months into conflicts with Iran, and roughly nine months after American military forces captured Venezuelan leader Nicolás Maduro.

This is a breaking story and will be updated.