On August 28, 2026, President Donald Trump declared the signing of what he termed the “biggest oil deal in world history.” The United States has obtained majority control of over 65 billion barrels of proven oil reserves in Venezuela. This accomplishment was made possible through a collaboration between the Venezuelan government and private-sector partners.
Trump shared this announcement on Truth Social, highlighting that the deal would not incur costs for American taxpayers. It aims to more than double U.S. oil reserves and contribute to lower gasoline prices. Trump credited Secretary of State Marco Rubio and Defense Secretary Pete Hegseth for their roles in negotiating the agreement, alongside Venezuela’s interim President Delcy Rodríguez. He described the deal as a historic move to enhance bilateral relations between the United States and Venezuela.
In a separate post on X, Rubio praised the deal, calling it a significant win for both Americans and Venezuelans. He emphasized that it illustrates Trump’s foreign policy focus, securing stable oil reserves and promoting affordable gasoline prices. For Venezuela, the deal promises almost $100 billion in private investment, the creation of thousands of well-paying jobs, and economic reconstruction.
“This deal is a huge win for both the American and Venezuelan people. It demonstrates how President Trump’s bold foreign policy is driving America First wins: securing stable reserves and low-cost oil in our Hemisphere and lowering gas prices here at home. For the Venezuelan people, this deal will bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela’s economy.”
Newsweek contacted the State Department for further details following Friday’s announcement.
In a full post, Trump stated: “BREAKING NEWS: The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY! At my direction, Secretary of State Marco Rubio, and Secretary of War Pete Hegseth, working closely with Highly Respected Interim President of Venezuela, Delcy Rodriguez, and, through a partnership with private business, have secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer. This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans, long into the future, while helping to continue to set Venezuela on a course toward Tremendous Success and Great Prosperity. This Transaction will greatly strengthen the already growing relationship between Venezuela and the United States! MAKE AMERICA GREAT AGAIN!”