Jerusalem Post/World NewsUS President Donald Trump on Friday said the US had entered into an oil agreement with Venezuela.Follow us on GoogleUS President Donald Trump speaks as he hosts a back-to-school-themed event to highlight his administration's education policies, in the Rose Garden at the White House in Washington, August 24, 2026; illustrative.(photo credit: REUTERS/JONATHAN ERNST)ByREUTERSAUGUST 29, 2026 02:00Updated: AUGUST 29, 2026 02:03US President Donald Trump on Friday said the US had entered into an oil agreement with Venezuela."At my direction, Secretary of State Marco Rubio, and Secretary of War Pete Hegseth, working closely with Highly Respected Interim President of Venezuela, Delcy Rodriguez, and, through a partnership with private business, have secured majority US control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer," Trump wrote on Truth Social. Trump said the agreement would more than double American oil reserves.Venezuela's interim President Delcy Rodriguez delivers a statement as she stands next to US Interior Secretary Doug Burgum at Miraflores Palace, in Caracas, Venezuela, March 4, 2026. (credit: REUTERS/LEONARDO FERNANDEZ VILORIA)Trump administration under pressure to secure stable oil flowSince the US captured and removed former President Nicolas Maduro from power in January, Washington has been trying to secure a stable flow of Venezuelan crude ​for US refineries while promoting American investment into the OPEC country's deteriorated energy industry, which currently produces some ​1.25 million barrels per ⁠day of crude.President Donald Trump's administration is under pressure ahead of midterm elections scheduled later this year over rising gasoline prices, which could be eased through cheaper oil supplies and expanded output.The US also has been looking for solutions to replenish its Strategic Petroleum Reserve, the oil stockpile, including the possibility of crude ⁠swaps with US ​producers.Follow us on Google