US President Donald Trump on Friday announced what he described as the “biggest oil deal in world history”, saying an agreement with Venezuela would give the United States control over 65 billion barrels of the South American nation’s oil reserves.
Trump said the agreement was negotiated by Secretary of State Marco Rubio, Defence Secretary Pete Hegseth and Venezuela’s interim President Delcy Rodriguez. He announced the deal in a post on social media.
“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.
The announcement comes nearly nine months after the US military, acting on Trump’s orders, carried out an operation to capture Venezuelan President Nicolás Maduro. Maduro was subsequently taken to the US to face federal charges related to narcoterrorism and drug trafficking.
The oil agreement comes as the Trump administration faces mounting pressure over high petrol prices. The situation has been further complicated by the war in Iran, which has now entered its sixth month without a clear end, raising concerns about global energy supplies.
The US has already been drawing on its Strategic Petroleum Reserve to ease pressure on energy markets. The stockpile fell below 300 million barrels in early August, down by more than 100 million barrels since the start of 2026.
Trump had spoken of bringing American oil companies back into Venezuela soon after Maduro was removed from power in January. He has also accused Venezuela of taking US oil following the nationalisation of hundreds of foreign-owned assets under former President Hugo Chávez, including those belonging to American oil companies.
Venezuela holds an estimated 303 billion barrels of proven crude oil reserves, making it one of the world’s largest oil-rich nations. According to the US Energy Information Administration, the country accounts for about 17% of global oil reserves.
