Trump calls Venezuela pact ‘biggest oil deal in history’

WASHINGTON

U.S. President Donald Trump on Aug. 28 announced an oil agreement with Venezuela that he said would give the United States majority control over more than 65 billion barrels of proven reserves.

“The United States of America has just entered into an agreement with the country of Venezuela on the biggest oil deal in world history,” Trump wrote on Truth Social.

He said the agreement had been negotiated through a partnership with private companies by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, working with Venezuela’s interim President Delcy Rodriguez.

Trump said the arrangement would more than double U.S. oil reserves and strengthen the country’s supply.

Rodriguez confirmed the agreement, saying it covered the development of 17 strategic fields with a proven potential of 65 billion barrels.

She said the projects were expected to attract more than $100 billion in investment and generate over $209 billion in tax revenue for Venezuela.

The agreement would allow private operators to participate in the fields and “considerably increase” Venezuelan oil production, Rodriguez said.

“These investments will contribute not only to the recovery and modernization of our industry, but also to our country’s economic growth, the energy security of our hemisphere and greater balance in international markets,” she said.

Neither government immediately released the full terms of the agreement or identified the private operators involved.