KEMETIC MINDS — BREAKING NEWS
August 28, 2026
President Donald Trump announced Friday that the United States has entered into an agreement with Venezuela giving the U.S. majority control of more than 60 billion barrels of the country’s proven oil reserves, a deal he described as “the biggest oil deal in world history” (6abc, 2026; CBS News, 2026).
Key Facts
- Interim Venezuelan President Delcy Rodriguez granted a private joint venture a 100-year concession to operate in oil fields containing 63 billion barrels of petroleum; a U.S. official described the venture as a “joint project of the U.S. government and an experienced private operator in Venezuela” (CBS News, 2026).
- The U.S. government will control 55% of the joint venture, split between equity in the venture and the ability to obtain oil from it at cost, the official said (CBS News, 2026).
- Trump said the deal was made “at no cost to the American Taxpayer” and “through a partnership with private business” (CBS News, 2026).
- The official described the venture as the world’s second-largest corporate owner of proven oil reserves, after Saudi Aramco (CBS News, 2026).
- Venezuela has the world’s largest proven oil reserves at just over 300 billion barrels, about 17% of the world’s supply, while the U.S. holds less than 50 billion barrels, according to the U.S. Energy Information Administration (CBS News, 2026; 6abc, 2026).
Deal Details and Administration Statements
Trump said the agreement was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Venezuela’s interim President Delcy Rodriguez (6abc, 2026). In a post on Truth Social, Trump wrote: “The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!” (6abc, 2026). He added that the “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 Tremendous Success and Great Prosperity” (CBS News, 2026).
Secretary Rubio said on social media that the deal will “bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela’s economy” (CBS News, 2026). CBS News reported that the deal is the Trump administration’s latest effort to lure oil investment to Venezuela as it seeks to push down oil prices (CBS News, 2026).
Background and Context
6abc reported that the announcement comes nearly nine months after the U.S. military, at Trump’s direction, carried out an operation to capture Venezuela’s president Nicolás Maduro and bring him to the United States to face federal narcoterrorism and drug trafficking charges (6abc, 2026). In the days following Maduro’s ouster in January, Trump floated the idea of U.S. oil companies returning to Venezuela, and he has argued that Venezuela stole U.S. oil when former President Hugo Chávez nationalized hundreds of foreign-owned assets decades ago (6abc, 2026).
Venezuela’s oil industry has long struggled with underinvestment, decrepit infrastructure and tight sanctions (CBS News, 2026). Major companies including ConocoPhillips and ExxonMobil left the country after Chávez’s nationalizations, leaving Chevron as the only major U.S. company to maintain its presence (CBS News, 2026). Despite holding roughly 17% of global reserves, Venezuela produces only about 1% of the world’s oil (6abc, 2026). 6abc reported that Trump faces mounting pressure to address high gas prices as the war in Iran reaches a six-month milestone with no conclusion in sight, and that the U.S. has tapped its strategic petroleum reserves, which fell below 300 million barrels in early August, down by more than 100 million barrels since the start of 2026 (6abc, 2026).
What’s Still Unconfirmed
The identity of the private companies that will participate in the joint venture has not been disclosed; CBS News reported it is not clear which companies will be involved, noting that only a handful of foreign oil and gas companies, including U.S.-based Chevron, Spain-based Repsol and Italy-based Eni, have maintained a presence in Venezuela (CBS News, 2026). The exact size of the reserves covered by the deal also differs across reports: a U.S. official cited 63 billion barrels (CBS News, 2026), Trump’s post referenced “over 60 billion barrels” (CBS News, 2026), and 6abc reported the agreement as covering 65 billion barrels (6abc, 2026). All terms of the deal are based on statements from Trump and an unnamed U.S. official (CBS News, 2026; 6abc, 2026).
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References
- CBS News. (2026, August 29). Trump says U.S. now has majority control of over 60 billion barrels of Venezuelan oil reserves. cbsnews.com
- 6abc Philadelphia. (2026, August 29). Trump says US has entered deal with Venezuela to take control of 65 billion barrels of oil reserves. 6abc.com
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