Trump Announces Sweeping Oil Deal with Venezuela, Touts 'Biggest Oil Deal in World History'

President Donald Trump announced on August 28, 2026, that the United States has reached a major oil agreement with Venezuela. The deal gives the U.S. majority control over more than 65 billion barrels of proven Venezuelan oil reserves.

The agreement is described by Trump as the 'biggest oil deal in world history'. According to Trump, Secretary of State Marco Rubio and Secretary of War Pete Hegseth worked with Venezuelan interim President Delcy Rodríguez and private businesses to secure the arrangement. The deal will cost no American taxpayers, according to Trump.

Trump predicts that the agreement will more than double American oil reserves and increase the country's available oil supply. He also believes that the arrangement will eventually reduce gasoline prices.