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Sat, 29 Aug 2026

Sat, 29 Aug 2026 Trump hails 'historic' deal for US to control 65bn barrels of Venezuela's oil

Venezuelan interim president says the unusual agreement will help revive her country's economy.

* The US has reached a deal with Venezuela to control over 65 billion barrels of its proven oil reserves.
* President Trump announced that the deal will "more than double" American oil reserves, increase oil supply, and lower gas prices for Americans.
* The agreement grants the US 55% control of a joint venture with an experienced private operator in Venezuela.
* Venezuela's interim president Delcy Rodriguez hailed the deal as one that would help her nation's economic revival, bringing nearly $100 billion in private investment and support thousands of high-paying jobs.
* Trump claimed that the agreement was reached "at no cost to the American Taxpayer" but did not elaborate on the partnership or terms for the US.
* The deal calls for the development of 17 strategic oil fields with a proven potential of 65 billion barrels, as well as an investment of more than $100 billion and over $209 billion in taxes for Venezuela.
* The US government will retain control over the joint venture for 100 years, according to a US official.