Trump calls Venezuela oil agreement ‘biggest deal in world history’, says it will cut US gas prices
The US and Venezuela have entered an oil agreement that President Donald Trump has called the “biggest oil deal in world history”, giving Washington majority control over more than 65 billion barrels of proven Venezuelan crude reserves. Trump said the deal would more than double US oil reserves, boost supply, lower gasoline prices and support Venezuela’s economic recovery.
- Aug 29, 2026,
- Updated Aug 29, 2026 9:03 AM IST
US President Donald Trump has announced what he described as the “biggest oil deal in world history”, under which the United States will gain majority control of more than 65 billion barrels of proven crude oil reserves in Venezuela.
Trump said the agreement was negotiated under his direction by Secretary of State Marco Rubio and Secretary of War Pete Hegseth, in coordination with Venezuela’s interim President Delcy Rodriguez and private-sector partners.
“The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!” Trump said in a post on Truth Social.
According to Trump, the transaction will more than double US oil reserves and significantly increase the country’s access to crude supplies. He also claimed that the agreement would bring down gasoline prices for American consumers over the long term.
“This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans, long into the future,” Trump said.
The US president also said the agreement would help revive Venezuela’s economy and strengthen ties between Washington and Caracas.
The announcement follows months of heightened US pressure on Venezuela, including sanctions enforcement and increased American oversight of the country’s oil exports. Washington has said its measures are aimed at bringing greater stability to Venezuela’s energy sector.
US oil stockpile under pressure
The agreement comes as the US faces pressure over fuel supplies and energy prices amid the continuing war in Iran. The US Strategic Petroleum Reserve fell below 300 million barrels in early August, marking a decline of more than 100 million barrels from January 2026 levels.
Greater access to Venezuela’s vast crude reserves could therefore provide Washington with an additional source of oil supply, although the impact on US gasoline prices would depend on factors including production, refining capacity, transportation and global crude prices.
Venezuela has world's largest oil reserves
Venezuela is estimated to hold around 303 billion barrels of crude oil, equivalent to roughly 17% of global reserves, according to the US Energy Information Administration.
The development also follows the dramatic escalation in US-Venezuela relations. Nine months ago, US forces conducted an operation in Venezuela under Trump’s orders, capturing former president Nicolas Maduro and his wife and taking them to the United States to face narcoterrorism and drug-trafficking charges.
With ANI inputs
ALSO READ: Carney strikes back: Canada retaliates against US tariffs with duties on $20 billion of goods
US President Donald Trump has announced what he described as the “biggest oil deal in world history”, under which the United States will gain majority control of more than 65 billion barrels of proven crude oil reserves in Venezuela.
Trump said the agreement was negotiated under his direction by Secretary of State Marco Rubio and Secretary of War Pete Hegseth, in coordination with Venezuela’s interim President Delcy Rodriguez and private-sector partners.
“The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!” Trump said in a post on Truth Social.
According to Trump, the transaction will more than double US oil reserves and significantly increase the country’s access to crude supplies. He also claimed that the agreement would bring down gasoline prices for American consumers over the long term.
“This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans, long into the future,” Trump said.
The US president also said the agreement would help revive Venezuela’s economy and strengthen ties between Washington and Caracas.
The announcement follows months of heightened US pressure on Venezuela, including sanctions enforcement and increased American oversight of the country’s oil exports. Washington has said its measures are aimed at bringing greater stability to Venezuela’s energy sector.
US oil stockpile under pressure
The agreement comes as the US faces pressure over fuel supplies and energy prices amid the continuing war in Iran. The US Strategic Petroleum Reserve fell below 300 million barrels in early August, marking a decline of more than 100 million barrels from January 2026 levels.
Greater access to Venezuela’s vast crude reserves could therefore provide Washington with an additional source of oil supply, although the impact on US gasoline prices would depend on factors including production, refining capacity, transportation and global crude prices.
Venezuela has world's largest oil reserves
Venezuela is estimated to hold around 303 billion barrels of crude oil, equivalent to roughly 17% of global reserves, according to the US Energy Information Administration.
The development also follows the dramatic escalation in US-Venezuela relations. Nine months ago, US forces conducted an operation in Venezuela under Trump’s orders, capturing former president Nicolas Maduro and his wife and taking them to the United States to face narcoterrorism and drug-trafficking charges.
With ANI inputs
ALSO READ: Carney strikes back: Canada retaliates against US tariffs with duties on $20 billion of goods