US Seizes Control of 65 Billion Barrels of Venezuelan Oil
US President Donald Trump announced on August 28, 2026, that the US has secured majority control over 65 billion barrels of proven oil reserves in Venezuela. The 'biggest oil deal in world history' will more than double America's total oil reserves and drastically lower domestic gasoline prices, Trump claimed.
The framework for the deal involves developing 17 strategic oil fields and channeling over $100 billion in private investments into the country, yielding more than $209 billion in tax revenues for Venezuela. The arrangement also requires Venezuela to transfer 30 to 50 million barrels of pre-loaded, sanctioned crude oil directly to US ports via storage tankers.
Proceeds from these oil sales will be monitored heavily by the US executive branch to fund humanitarian aid and economic reconstruction within Venezuela. Trump asserted that the entire arrangement comes at 'no cost to the American taxpayer.'