A Game-Changing Energy Pact
On August 28, 2026, U.S. President Donald Trump announced a historic oil agreement with Venezuela, granting the United States "majority control" of 65 billion barrels of proven crude oil reserves. The deal was signed with Venezuela's interim president, Delcy Rodríguez, and, according to the White House, will not cost American taxpayers a single cent.
The agreement, negotiated by Secretary of State Marco Rubio and Secretary of Defense Pete Hegseth, will be implemented through a partnership with private companies. Trump stated that this move would more than double U.S. oil reserves, which currently stand at approximately 60 billion barrels, according to the U.S. Energy Information Administration (EIA).
"This is a great day for American energy independence," Trump declared in an official statement.
Context: Venezuela, the Oil Giant
Venezuela holds the largest proven oil reserves in the world, with 303 billion barrels, according to OPEC. However, its current production is only 1.25 million barrels per day, far below its historical capacity of 3.5 million, due to economic crisis and lack of investment.
The agreement comes after the U.S. captured and removed former President Nicolás Maduro in January 2026, an operation that brought Delcy Rodríguez to power as interim president. The Venezuelan opposition, however, has expressed discontent, calling the pact a "land grab" and comparing the U.S. to a "predatory and mafia-like" actor.
Motivations: Prices and Strategic Reserve
The Trump administration aims to ease rising gasoline prices ahead of the November 2026 midterm elections. Additionally, the deal would help replenish the Strategic Petroleum Reserve (SPR), which is at historically low levels after massive sales during the Biden administration.
According to previous reports from the Wall Street Journal, advanced negotiations contemplated the U.S. taking direct stakes in more than a dozen oil fields with around 90 billion barrels of reserves. The final agreement, however, focuses on 65 billion barrels.
Next Steps: Chevron and Other Companies
It is expected that Chevron and other U.S. energy companies will sign an agreement next week to invest billions of dollars in Venezuelan oil fields. This investment could boost Venezuelan production and stabilize the global crude market.
The agreement, though controversial, represents a significant shift in U.S. foreign policy toward Venezuela, moving from confrontation to energy cooperation. It remains to be seen how the international community will react and whether the Venezuelan opposition can modify the terms.
Key Deal Facts
| Concept | Detail |
|---|---|
| Reserves under U.S. control | 65 billion barrels |
| Venezuela's total reserves | 303 billion barrels |
| Venezuela's current production | 1.25 million barrels/day |
| Negotiators | Marco Rubio and Pete Hegseth |
| Mediation | Private companies |
| Cost to taxpayers | None |
| Next step | Chevron and other companies to sign agreement |
Source: The Guardian, August 28, 2026.