After media reports, US President Donald Trump confirmed that the United States has reached an agreement with Venezuela on oil. “The greatest in history”, the tycoon defines him on Truth. The agreement guarantees Washington majority control of more than 65 billion barrels of proven oil reserves in the South American country at no cost to American taxpayers.
The pact comes seven months after the fall of Nicolás Maduro following an American military operation.
The US-Venezuela oil agreement
Caracas has the largest proven oil reserves in the world, with over 303 billion barrels. According to data from the US Energy Information Administration (EIA), US strategic oil reserves are at their lowest level since November 1982, a consequence of government efforts to mitigate supply disruptions and rising crude prices linked to the war in the Middle East.
Since the US military incursion that led to the capture of Nicolas Maduro in early January, the US president has sought to revive the exploitation of Venezuelan oil and gas resources under his aegis.
According to Donald Trump, “this historic transaction will significantly reduce the price of gasoline for all Americans for many years to come.”
A White House official told CNN that the agreement will guarantee the United States “55% of the actual production of a new private joint venture, destined to become the second private oil company in the world by volume of reserves”. With U.S. support, the official said, Venezuela’s interim President Delcy Rodriguez has granted a private company “100-year” exploitation rights to oil fields. The official added that this company is the result of a joint project between the American government and a private Venezuelan operator. “The U.S. government has secured more than half the value of this new oil giant, split between equity ownership and a guaranteed purchase right at cost of production. As the company ramps up production, the resulting stable availability of oil at cost in our hemisphere will help replenish the U.S. strategic oil reserve and meet the supply needs of our large military,” the official explained.
“This agreement represents a huge victory for both the American and Venezuelan people,” Secretary of State Rubio wrote on
https://t.co/cs57vy5Bvu pic.twitter.com/UbSZKAy7Pw
— Rapid Response 47 (@RapidResponse47) August 29, 2026
The interim president of Venezuela, Delcy Rodríguez, spoke of a “historic” agreement that “will have a significant impact on the renaissance of our nation. It will facilitate a significant flow of investments aimed at the recovery and reconstruction of strategic infrastructure for the development” of the hydrocarbon industry in the South American country, which has the largest proven reserves of crude oil in the world. “These investments – for Rodríguez – will contribute not only to the recovery and modernization of our industry, but also to the economic growth of our country, the energy security of our hemisphere and a greater balance in international markets”.
Venezuela announces a historic breakthrough with the Government of the United States, which will have a significant impact on the recovery of our nation. pic.twitter.com/aIogqZOVA4
— Delcy Rodríguez (@delcyrodriguezv) August 29, 2026