Live updates: Trump says US has entered deal with Venezuela to take control of 65 billion barrels of oil reserves
Follow the latest news on President Donald Trump and his administration | Aug. 31, 2026
Venezuelans reacted with outrage and skepticism to an oil deal announced by President Donald Trump on Friday night that would give the United States a stake in Venezuela’s vast oil reserves. Aside from a social media post by Trump, the White House has said little about what he calls “the biggest oil deal in world history.” (AP Video shot by: Juan Arraez)
Here’s what we’re following:President Donald Trump said Friday that his administration has entered a sweeping agreement with Venezuela that, if realized, could give the U.S. access to vast amounts of the South American country’s untapped oil reserves, at cost. The president is calling it “THE BIGGEST OIL DEAL IN WORLD HISTORY!”The United Arab Emirates’ air force intercepted an Iranian drone over its territorial waters Monday, the Defense Ministry said, an attack that comes after the United States and Iran exchanged fire on the weekend, the first significant military action in a month.Ontario Premier Doug Ford answered Trump’s “Lake America” decree Saturday with a billboard-sized message on the Canadian shoreline — “Lake Ontario. Now and Always” — as Canadian leaders met the move with ridicule rather than outrage.
