Chicago – August 29, 2026
US President Donald Trump has announced a sweeping agreement with Venezuela that he says gives the United States majority control of more than 65 billion barrels of the country’s proven oil reserves, calling it “the biggest oil deal in world history”.
Trump said the deal, negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Venezuela’s interim leader Delcy Rodriguez, was secured “through a partnership with private business” at no cost to American taxpayers.
Under the arrangement, the US will hold a 55% stake in a new private joint venture with an unnamed Venezuelan operator, including equity ownership and rights to buy oil at cost, a US official told CBS News.
Rodriguez described the pact as “historic”, saying it covers 17 strategic oil fields, could attract over $100 billion in investment and generate more than $209 billion in tax revenue for Caracas. The venture reportedly received a 100-year concession to develop the fields, with output earmarked in part for the US strategic petroleum reserve and military use.
Details remain sparse and the full text of the agreement has not been published, prompting questions from analysts and US Democrats about governance, profit-sharing and long-term implications for Venezuelan sovereignty.
