Trump says US has deal with Venezuela for control of 65 billion barrels of oil reserves

The US president faces mounting pressure to address high petrol prices as Iran war hits a six-month milestone with no conclusion in sight

President Donald Trump on Friday said the US has entered an agreement with Venezuela to take control of 65 billion barrels of the South American country’s oil reserves.

Trump in a social media post announced the agreement he said was negotiated by Secretary of State Marco Rubio, Defence Secretary Pete Hegseth and Venezuela’s interim President Delcy Rodriguez.

“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.

The announcement of the deal comes nearly nine months after the US military at Trump’s direction carried out an operation to capture Venezuela’s president Nicolas Maduro and spirit him to the US to face federal narcoterrorism and drug trafficking charges.

Trump faces mounting pressure to address high petrol prices as the war in Iran reaches a six-month milestone with no conclusion in sight.

The US has tapped its strategic petroleum reserves, which in early August fell below 300 million barrels, down by more than 100 million barrels since the start of 2026.