Trump Announces Major United States-Venezuela Oil Deal with Nearly $100 Billion Investment on August 28, 2026

Key facts

• On August 28, 2026, United States President Donald Trump announced an agreement giving the United States majority control over 65 billion barrels of Venezuela's proven oil reserves.
• Secretary of State Marco Rubio said the agreement would bring Venezuela nearly $100 billion in private investment, support thousands of jobs and help rebuild Venezuela's economy.
• Secretary of State Marco Rubio and Defense Secretary Pete Hegseth negotiated the agreement in partnership with private companies.
• Venezuelan interim leader Delcy Rodríguez confirmed the agreement, saying it covers 17 strategic fields and would generate more than $209 billion in tax revenue for the state.
• Venezuela has the world's largest proven oil reserves.
• Venezuelan crude oil production reached 1.2 million barrels per day at the end of July, an increase of 29.8% since January.
• Trump said the agreement would more than double U.S. crude oil reserves and lower domestic gasoline prices.
• The announcement came during the six-month-old war against Iran, which has disrupted global oil supply.
• The agreement follows the overthrow and capture of Nicolás Maduro in January and the interim assumption of power by Delcy Rodríguez.