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 gasoline costs for People.
In a social media submit, Trump known as it “THE BIGGEST OIL DEAL IN WORLD HISTORY” and mentioned it might 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” gasoline costs for People “lengthy into the longer term.”
President Donald Trump speaks throughout an occasion within the Oval Workplace of the White Home, August 27, 2026 in Washington.
Manuel Balce Ceneta/AP Picture
The announcement comes as oil and gasoline costs proceed to surge amid the Iran battle, which reached the six-month mark on Friday.
“At my route, Secretary of State Marco Rubio, and Secretary of Conflict Pete Hegseth, working carefully with Extremely Revered Interim President of Venezuela, Delcy Rodriguez, and, by way of a partnership with non-public 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 submit.
In a press release in English posted on social media, Venezuela’s appearing President Delcy Rodriguez hailed the settlement with the U.S. and mentioned it might “have a big impression on our nation’s revival.”
Venezuela’s appearing President Delcy RodrÃguez speaks throughout a press convention in Caracas, Venezuela, on July 2, 2026.
Pedro Mattey/AP Picture
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 lifeless.
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 permit for a big improve 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 submit.
Deserted pumpjacks broken over time at a area 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 non-public 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 most important confirmed oil reserves on this planet.
Chevron, the one U.S. oil firm at the moment working in Venezuela, declined to touch upon the president’s submit.
Trump additionally mentioned the deal would “significantly 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 prices 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 “large 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 international coverage is driving America First wins: securing secure reserves and low-cost oil in our Hemisphere and reducing gasoline costs right here at residence,” Rubio mentioned within the submit. “For the Venezuelan individuals, this deal will carry practically $100 billion in non-public funding, assist hundreds of high-paying jobs, and drive the reconstruction of Venezuela’s financial system.”
