A combination of pictures of US President Donald Trump and Venezuela's interim president Delcy Rodriguez. Caracas confirmed on August 28, 2026 that Venezuela had signed a major oil deal with the United States, giving Washington majority control of 65 billion barrels of proven petroleum reserves. Photo: Andrew Caballero-Reynolds and Federico Parra / AFP / Lehtikuva
International news
US President Donald Trump has announced an agreement with Venezuela that he says gives the United States majority control over more than 65 billion barrels of the country’s proven oil reserves, marking a major expansion of Washington’s role in Venezuela’s energy sector.
Trump said the agreement had been reached with Venezuela’s interim government through a partnership with private companies.
“This historic transaction more than doubles American oil reserves,” Trump wrote on Truth Social, adding that he expected the agreement to increase oil supply and lower US petrol prices.
