Trump Announces a U.S. Stake in 65 Billion Barrels of Venezuelan Oil. Here Is What the Deal Includes — and What Hasn’t Been Disclosed Yet.
- 65 Billion Barrels proven oil reserves covered by a new 100-year concession across 17 Venezuelan oil fields — Trump, Truth Social, Aug. 28, 2026
- 55% U.S. Stake the effective American share of the joint venture's output, which Trump said was secured “at no cost to the American Taxpayer” — Truth Social, Aug. 28, 2026
- ~111 Billion Barrels the U.S.'s implied total proven reserves if the deal is added to its existing ~46 billion — above Kuwait's ~102B, near the UAE's ~113B — Kobeissi Letter calculation, Aug. 28, 2026
- Under 300 Million Barrels the level of the U.S. Strategic Petroleum Reserve in early August 2026, a four-decade low cited as backdrop for the deal — EIA data, reported by CNBC/Axios
President Donald Trump (R) used two Truth Social posts on Friday evening, August 28 — one at 6:47 p.m. Eastern, a follow-up at 8:21 p.m. — to announce what he called “the biggest oil deal in world history”: a U.S. stake in more than 65 billion barrels of Venezuelan oil reserves, secured through a new joint venture and a 100-year government concession.
The agreement was negotiated on the American side by Secretary of State Marco Rubio (R) and War Secretary Pete Hegseth (R), and on the Venezuelan side by interim President Delcy Rodríguez. It grants the joint venture rights to 17 oil fields and an effective 55 percent U.S. share of the output — terms Trump said came “at no cost to the American Taxpayer.”
Here is what the deal's public terms say, how it fits into eight months of upheaval in Venezuela, and what has not yet been disclosed about who actually holds the American side of it.
Per NPR, CNBC, and RealClearPolitics reporting on the deal's specifics, the arrangement covers 17 Venezuelan oil fields with a combined 65 billion barrels of proven potential, held under a 100-year concession that Rodríguez's interim government granted to a newly formed private joint venture. U.S. interests hold an effective 55 percent share of that venture's output — enough, if the deal closes as described, to make the resulting company the second-largest corporate holder of proven oil reserves in the world, behind only Saudi Aramco.
BREAKING NEWS: The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY! ...have secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer. 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...
Rubio, who led the U.S. side of the negotiations alongside Hegseth, described the agreement in similar terms: “This deal is a huge win for both the American and Venezuelan people… securing stable reserves and low-cost oil in our Hemisphere and lowering gas prices here at home.”
This deal is a huge win for both the American and Venezuelan people... securing stable reserves and low-cost oil in our Hemisphere and lowering gas prices here at home.
The deal did not emerge in isolation. On January 3, 2026, a U.S. military operation culminated in the capture of then-President Nicolás Maduro and his wife, Cilia Flores. Maduro's vice president, Rodríguez, was sworn in as interim president the same week. Maduro was arraigned in the Southern District of New York on January 5 and pleaded not guilty to narco-terrorism conspiracy, cocaine-importation conspiracy, and weapons charges; the case remains pending, and under the presumption of innocence, the charges remain allegations a jury has not yet adjudicated. The United States recognizes Edmundo González Urrutia as the legitimate winner of Venezuela's disputed July 2024 election — a result the U.S. government, United Nations election experts, and the Carter Center all concluded Maduro's side had falsely claimed to win. Rodríguez, who signed Friday's deal as interim president, was not elected to that role by Venezuelan voters.
The deal also arrives against a backdrop of U.S. domestic energy pressure. The Strategic Petroleum Reserve fell below 300 million barrels in early August 2026 — its lowest level in roughly four decades — a fact administration officials have cited as part of the rationale for expanding access to foreign reserves. Friday's agreement builds on a smaller preliminary arrangement announced in January 2026, covering 30 to 50 million barrels worth roughly $2 billion to $2.8 billion, with proceeds routed into U.S.-controlled accounts.
Our deal with Venezuela is the biggest oil deal, by far, in World history! President DJT
Trump's claim that the deal “MORE THAN DOUBLES” American oil reserves is a specific, checkable number. The U.S. held roughly 46 billion barrels of proven reserves before Friday's announcement. Adding the 65 billion barrels covered by the Venezuela deal would bring the total to roughly 111 billion barrels — a tally that circulated quickly in an analysis from the financial-markets commentary account the Kobeissi Letter, which noted the combined total would put the U.S. above Kuwait's approximately 102 billion barrels and near the United Arab Emirates' approximately 113 billion, though still well behind Venezuela's own reserves, the largest in the world at roughly 300 billion barrels.
If the Venezuela deal's 65 billion barrels are added to the US's existing ~46 billion barrels of proven reserves, the US would hold roughly 111 billion barrels — above Kuwait's ~102 billion and near the UAE's ~113 billion. This would be one of the largest reserve shifts in modern history.
The math tracks the same “doubling” language Trump used in his original post, which was mirrored within minutes by an account that reposts his Truth Social statements to X.
THE BIGGEST OIL DEAL IN WORLD HISTORY! ...have secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer. This Historic Transaction MORE THAN DOUBLES American Oil Reserves...
Venezuela's government has publicized its own set of figures. Rodríguez's administration says the deal could draw $100 billion in private investment into the country's long-underinvested oil sector and generate $209 billion in tax revenue for Caracas. Rubio credited the agreement with helping “bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela's economy.”
Venezuela announces a historic agreement with the United States government, which will have a significant impact on our nation's revival.
Venezuela's need for that kind of investment is well documented. The country holds among the largest proven oil reserves in the world, at roughly 300 billion barrels — about 17 percent of the global total — but produces only about 1 percent of the world's oil, a gap widely attributed to decades of underinvestment and sanctions. The 65 billion barrels in Friday's deal amount to roughly 21 percent of Venezuela's total reserves.
Several mechanical details of the agreement have not been made public. Neither Trump nor administration officials have named the specific private companies that will hold the American 55 percent stake, described how voting or governance rights within the joint venture will work, or explained precisely how a U.S. ownership interest will be enforced over assets located inside a foreign sovereign country. Energy researchers and reporters have flagged the gap as a genuine open question about the deal's mechanics — not a settled part of its structure.
That question extends to the companies best positioned to actually operate in Venezuela. ExxonMobil CEO Darren Woods said this month that Venezuela remains difficult to invest in without legal changes: “the commercial constructs and frameworks in place today in Venezuela, today it's uninvestable… There has to be durable investment protections and there has to be a change to the hydrocarbon laws in the country.” Chevron and Halliburton are separately negotiating their own bilateral arrangements in the country, according to the Wall Street Journal — a sign the sector sees opportunity in Venezuela even as it questions how Friday's specific deal will function in practice.
Public reaction to the announcement split along predictable lines. Breaking coverage on LiveNOW from Fox and analysis on Mirror Now treated the deal as a straightforward expansion of U.S. energy access; a segment on The Damage Report, a left-leaning commentary program, pressed on the deal's undisclosed governance details. Al Jazeera English's coverage focused on what the arrangement could mean for a Venezuelan economy that has produced far below its geological potential for years.
President Trump announced on August 28 that the U.S. has secured a 55 percent stake in a joint venture holding 65 billion barrels of Venezuelan oil reserves across 17 fields, under a 100-year concession negotiated by Secretary of State Marco Rubio and War Secretary Pete Hegseth with Venezuela's interim president, Delcy Rodríguez. If added to the U.S.'s existing ~46 billion barrels, the deal would put total American proven reserves near 111 billion barrels — above Kuwait and close to the UAE. Venezuela's government projects $100 billion in private investment and $209 billion in tax revenue from the arrangement. What remains undisclosed: which specific companies hold the American stake, how governance and voting rights within the venture work, and how U.S. ownership will function over assets inside Venezuela's borders — questions ExxonMobil's CEO and others in the industry have raised independently of this specific deal. The agreement follows the January 2026 U.S. military operation that led to Maduro's capture and pending, not-yet-adjudicated federal narco-terrorism case, and a smaller preliminary oil arrangement announced the same month.
