Venezuela's Stance Following Trump's Acquisition of Part of Oil Reserves
US President Donald Trump has stated that the United States is taking control of one-fifth of Venezuela’s oil reserves. Venezuela has responded to Trump’s announcement.
As reported by Reuters and AFP on Saturday (29/08/2026), Trump claimed the deal provides the US with majority control over 65 billion barrels of Venezuelan oil reserves. The specific details of the agreement have not yet been disclosed to the public.
“The United States has just agreed to an oil deal with Venezuela that is the LARGEST OIL DEAL IN WORLD HISTORY!” Trump stated via his Truth Social account on Friday (2pend28/08) local time, announcing what he described as “BREAKING NEWS.”
“Under my direction, Secretary of State Marco Rubio and Secretary of Defense Pete Hegseth—working closely with Venezuela’s highly respected Interim President, Delcy Rodriguez, and through partnerships with the private sector—have successfully secured US majority control over more than 65 BILLION BARRELS of proven oil reserves in Venezuela, without costing American taxpayers a single penny,” he said.
Venezuela possesses the largest proven oil reserves in the world. The Venezuelan government has been under intense pressure and close scrutiny from the Trump administration since the US ousted and arrested the country’s former leader, Nicolas Maduro, in a surprising military operation last January. Washington subsequently allowed Maduro’s then-Vice President, Delcy Rodriguez, to remain as interim leader, provided she adhered to US policies.
A Historic Transaction
Trump has openly expressed his desire to secure Venezuelan oil for the US. In his statement, Trump claimed this move would more than double US oil reserves and provide new crude oil sources to help lower fuel prices in the US.
“This historic transaction more than DOUBLES America’s oil reserves, significantly increasing our oil supply, and will substantially lower fuel prices for all Americans in the long term, while continuing to help guide Venezuela towards extraordinary success and great prosperity,” the US President remarked.
“This transaction will greatly strengthen the growing relationship between Venezuela and the United States!” he added.
US Secretary of State Marco Rubio described the deal as a victory for both nations. He stated that the agreement would guarantee a stable and low-cost oil supply for the US and help reduce petrol prices.
For Venezuela, Rubio noted that the deal would bring nearly US$ 100 billion in private investment to Caracas, supporting the creation of thousands of high-paying jobs and helping to revive the nation’s economy.
The announcement follows weeks of negotiations between the US and Venezuela regarding a deal that would provide long-term access for American companies to several Venezuelan oil fields and guarantee the supply of produced crude oil to the US.
Venezuelan officials are reportedly preparing to sign this agreement next week, granting new oil exploration and production rights to several companies, particularly US-based firms.
Venezuela’s Response
Regarding this matter, Venezuela’s interim President, Delcy Rodriguez, stated that the country would maintain its sovereignty despite the announcement.
As reported by Al-Jazeera on Sunday (30/08/2026), in her speech, Rodriguez said the “historic” deal with Washington to hand over 65 billion barrels of Venezuelan oil would span 25 years and allow Venezuela to develop its oil industry.
Consequently, Rodriguez continued, Venezuela could do so while maintaining “ownership and sovereignty” over its resources.
The project envisions the development of 17 strategic oil fields with an initial production target of 1.5 million barrels per day, she said.
The broader plan also includes the development of eight new oil blocks as part of the expansion of the country’s wider energy sector.
Under the agreement, $19 from every barrel of oil produced and sold to the US will flow to Caracas, an arrangement that could be worth $209 billion per year for Venezuela, depending on oil prices, Rodriguez said.
Venezuela will retain its natural resources “while leveraging capital, technology, and operational expertise to support the recovery of a strategic industry that has been heavily affected by sanctions,” she stated.