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Washington and Caracas announced a deal on Friday that gives the United States control over 65 billion barrels of Venezuela's oil reserves.
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Donald Trump announced on Friday, August 28, that the United States had secured control of Venezuela's oil 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," the US president wrote on his social network, Truth Social.
Caracas confirmed the "historic agreement" one hour later, in a statement published on social media by interim president Delcy Rodriguez. According to the statement, the deal "calls for the development of 17 strategic fields" with "an investment of more than $100 billion [€86 billion]" expected to bring "more than $209 billion [€180 billion] in tax revenues for the [Venezuelan] state."
In his message, Trump explained that US Secretary of State Marco Rubio and Pentagon chief Pete Hegseth "have secured majority US control of more than 65 billion barrels of proven oil reserves in Venezuela, at no cost to the American taxpayer." According to the president, "this historic transaction more than doubles American oil reserves, greatly increases our oil supply and will substantially lower gas prices for all Americans, long into the future, while helping to continue to set Venezuela on a course toward trememdous success and great prosperity."
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