Trump hails 'historic' deal for US to control 65bn barrels of Venezuela's oil

Image source, AFP via Getty ImagesBySareen HabeshianPublished29 August 2026, 00:54 BSTUpdated 1 hour agoThe US has reached a deal with Venezuela to control more than 65 billion barrels of its proven oil reserves, President Donald Trump announced.

Venezuela's interim President, Delcy Rodriguez, hailed the agreement as one that would help her nation's economic revival.

Trump vowed to tap Venezuela's reserves, the world's largest, after the US captured its then-President Nicolás Maduro this year. More recently, Trump has been under pressure to tame domestic petrol prices, which spiked amid the Iran conflict.

Secretary of State Marco Rubio called the oil deal "a huge win for both the American and Venezuelan people". Few details were released.

"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," Rubio said on social media.

In his own post, Trump said Rubio and Defence Secretary Pete Hegseth had reached the agreement with Venezuela's leadership "through a partnership with private business".

He did not elaborate on the partnership or describe possible commitments and terms for the US in the deal, but he claimed the agreement was reached "at no cost to the American Taxpayer".

Venezuela's interim president said in a statement that the agreement would have "a significant impact on our nation's revival".

The deal calls for the development of 17 strategic oil fields with a proven potential of 65 billion barrels, as well as "an investment of more than $100 billion, and more than $209 billion in taxes for the State", Rodriguez said.

"These investments will contribute not only to the recovery and modernization of our industry, but also to our country's economic growth, the energy security of our hemisphere, and greater balance in international markets," she said.

Under the deal the US government will retain 55% control of a joint venture with an "experienced private operator in Venezuela", a US official told the BBC's media partner CBS News.

Rodriguez gave the venture a 100-year concession to operate in the oil fields, according to the official.