Trump says U.S. has entered deal with Venezuela to take control of 65 billion barrels of oil reserves

President Trump waves after arriving off Air Force One, Friday, Aug. 28, 2026, at Joint Base Andrews, Md. Mark Schiefelbein/AP hide caption

WASHINGTON (AP) — President Donald Trump said Friday that his administration has entered a sweeping agreement with Venezuela that, if realized, could give the U.S. access to vast amounts of the South American country's untapped oil reserves, at cost.

Trump in a social media post announcing the agreement said it was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Venezuela's acting President Delcy Rodríguez.

"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.

Rodríguez's government in a statement said the deal involves the development of 17 fields with a proven potential of 65 billion barrels. It said the agreement could draw $100 billion in investment into Venezuela's oil industry and yield over $209 billion in taxes for Caracas.

Rodríguez in a posting on Telegram predicted the deal "will have a significant impact on our nation's revival."

The agreement allows for the United States to partner with an unnamed private operator in Venezuela to create a new private company to take hold of the reserves, according to a U.S. official familiar with the contours of the deal.

The official, who was not authorized to comment publicly and spoke on the condition of anonymity, added that Rodríguez granted the company 100-year rights to develop the oil fields.