On August 28, 2026, President Donald Trump announced a significant oil agreement described as the “biggest oil deal in world history.” The United States secured majority control over 65 billion barrels of proven oil reserves in Venezuela. This agreement involved collaboration with the Venezuelan government and private-sector partners.
Trump emphasized in a Truth Social post on Friday that the deal would entail “no cost to the American taxpayer.” He stated it would significantly increase U.S. oil reserves and potentially lower gasoline prices across the country.
Key figures in the negotiation included Secretary of State Marco Rubio and Defense Secretary Pete Hegseth. They worked closely with Venezuelan interim President Delcy Rodríguez to facilitate the deal, seen as a pivotal moment in fostering stronger relationships between the two nations.
Secretary of State Rubio expressed on X that this agreement represents a major victory for both American and Venezuelan citizens. He credited President Trump’s assertive foreign policy with achieving “America First” outcomes. The deal promises stable reserves and affordable oil in the Western Hemisphere, which will help reduce gas prices domestically. Additionally, it aims to attract nearly $100 billion in private investment to Venezuela, boost employment with thousands of high-paying jobs, and aid in reconstructing the Venezuelan economy.
Trump’s full statement highlighted that the agreement was achieved through cooperation with noted interim Venezuelan President Delcy Rodríguez and private enterprises. The transaction aims to more than double American oil reserves, increase the oil supply significantly, and decrease gas prices for Americans over a long period. Trump also noted that this agreement would further strengthen bilateral relations and pave the way for Venezuela’s future prosperity.
Newsweek reached out to the State Department for more information following the announcement. The statement reflects Trump’s vision of enhancing American energy reserves while supporting Venezuela’s economic revitalization.
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