President Donald Trump introduced Friday that the U.S. and Venezuela have reached a “historic” oil deal that he mentioned would give the U.S. a majority management of billions of barrels of oil reserves within the Caribbean nation and decrease fuel costs for People.
In a social media put up, Trump known as it “THE BIGGEST OIL DEAL IN WORLD HISTORY” and mentioned it could present majority U.S. management of greater than 65 billion barrels of confirmed oil reserves in Venezuela.
The president claimed that the deal will serve to “considerably decrease” fuel costs for People “lengthy into the long run.”
President Donald Trump speaks throughout an occasion within the Oval Workplace of the White Home, August 27, 2026 in Washington.
Manuel Balce Ceneta/AP Photograph
The announcement comes as oil and fuel costs proceed to surge amid the Iran struggle, which reached the six-month mark on Friday.
“At my course, Secretary of State Marco Rubio, and Secretary of Conflict Pete Hegseth, working carefully with Extremely Revered Interim President of Venezuela, Delcy Rodriguez, and, by means of a partnership with personal enterprise, have secured majority U.S. management of greater than 65 BILLION BARRELS of confirmed Oil Reserves in Venezuela, for free of charge to the American Taxpayer,” Trump mentioned within the put up.
In an announcement in English posted on social media, Venezuela’s performing President Delcy Rodriguez hailed the settlement with the U.S. and mentioned it could “have a major affect on our nation’s revival.”
Venezuela’s performing President Delcy RodrÃguez speaks throughout a press convention in Caracas, Venezuela, on July 2, 2026.
Pedro Mattey/AP Photograph
Venezuela has been beset by financial crises for years and suffered two highly effective back-to-back earthquakes in June that left greater than 6,000 individuals useless.
Rodriguez thanked Trump and Secretary of State Marco Rubio and mentioned the settlement represents a “historic milestone” in relations between the 2 international locations.
“The settlement will enable for a major enhance in oil manufacturing with the participation of personal operators,” Rodriguez mentioned within the assertion, saying the deal requires the event of 17 strategic fields, with a confirmed potential of 65 billion barrels of oil, and an funding of greater than $100 billion, and greater than $209 billion in tax income.
“Venezuela is thus ushering in a brand new period of restoration, progress, manufacturing, safety, and prosperity for our individuals,” she mentioned within the put up.
Deserted pumpjacks broken over time at a discipline of state oil firm PDVSA on Lake Maracaibo, as residents across the oil-rich middle of Maracaibo in Zulia state stay unsure about new investments following latest legislative reforms permitting better personal participation in PDVSA and aimed toward revitalizing the nation’s struggling oil sector, in Cabimas, Venezuela, January 27, 2026.
Leonardo Fernandez Viloria/Reuters
Venezuela is acknowledged as holding the biggest confirmed oil reserves on the earth.
Chevron, the one U.S. oil firm presently working in Venezuela, declined to touch upon the president’s put up.
Trump additionally mentioned the deal would “vastly strengthen” the connection between the U.S. and Venezuela.
In January, the U.S. carried out a military operation in Venezuela to seize then-President Nicolas Maduro and his spouse and produce them to the U.S. to face costs together with narco-terrorism and drug trafficking.
Maduro and his spouse, who’ve pleaded not responsible, are set to go on trial in New York Metropolis, in 2027.
In a social media post, Secretary of State Marco Rubio known as the deal a “big win” for each the U.S. and Venezuela.
FILE PHOTO: U.S. Secretary of State Marco Rubio speaks throughout a memorandum of understanding signing ceremony with Paraguayan Vice President Pedro Alliana on strategic civil nuclear cooperation, on the State Division in Washington, D.C., U.S., August 4, 2026.
Kevin Lamarque/Reuters
“It demonstrates how President Trump’s daring overseas coverage is driving America First wins: securing secure reserves and low-cost oil in our Hemisphere and decreasing fuel costs right here at house,” Rubio mentioned within the put up. “For the Venezuelan individuals, this deal will deliver almost $100 billion in personal funding, help hundreds of high-paying jobs, and drive the reconstruction of Venezuela’s financial system.”
