{"id":875609,"date":"2026-08-29T09:00:11","date_gmt":"2026-08-29T09:00:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/875609\/"},"modified":"2026-08-29T09:00:11","modified_gmt":"2026-08-29T09:00:11","slug":"trump-announces-biggest-oil-deal-in-world-history-with-venezuela-donald-trump-news","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/875609\/","title":{"rendered":"Trump announces \u2018biggest oil deal in world history\u2019 with Venezuela | Donald Trump News"},"content":{"rendered":"

US president says deal secures majority US control of more than 65 billion barrels of proven oil reserves in Venezuela.<\/p>\n

<\/a><\/p>\n

Published On 29 Aug 202629 Aug 2026<\/p>\n

The United States has struck a deal with Caracas that would give them control of some 65 billion barrels of Venezuela\u2019s proven oil reserves, President Donald Trump has announced, while reviving the OPEC nation\u2019s battered energy industry.<\/p>\n

In a post on Truth Social, Trump said the \u201chistoric transaction more than doubles American oil reserves\u201d and \u201cwill substantially lower gas prices for all Americans\u201d.<\/p>\n

Recommended Stories list of 3 itemsend of list<\/p>\n

\u201cAt 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,\u201d Trump wrote.<\/p>\n

\"Venezuela'sVenezuela\u2019s interim President Delcy Rodriguez welcomed the deal [File: Efrain Gonzalez\/AFP]<\/p>\n

Venezuela\u2019s interim President Delcy Rodriguez welcomed the deal, which is expected to bring about $209bn to the state\u2019s treasury.<\/p>\n

The announcement followed weeks of negotiations over an agreement that would give American companies long-term access to a group of Venezuelan oilfields and guarantee the resulting crude supply to the US.<\/p>\n

Venezuelan officials are preparing to sign agreements next week granting new oil exploration and production rights to a number of companies, particularly US firms.<\/p>\n

Sources previously told Reuters news agency that a lease model was under consideration, with fields potentially auctioned to US producers, but the arrangement could face legal and constitutional challenges in Venezuela, where the state retains control over core oil industry activities.<\/p>\n

The new deal would represent a dramatic expansion of Washington\u2019s role in Venezuela\u2019s oil industry as the Trump administration seeks to revive the country\u2019s production and secure more crude for US refineries. Venezuela holds the world\u2019s largest proven oil reserves, but produces only 1.25 million barrels per day, far below its potential after years of underinvestment, mismanagement and sanctions.<\/p>\n

Trump did not disclose the structure of the agreement, the fields or companies involved, nor how the US would exercise majority control over the reserves.<\/p>\n

Secretary of State Marco Rubio described the agreement as a win for both countries, saying on X that it would secure stable, low-cost oil for the US and help lower petrol prices.<\/p>\n

For Venezuela, Rubio said the deal would bring nearly $100bn in private investment, support thousands of high-paying jobs and help rebuild the country\u2019s economy.<\/p>\n","protected":false},"excerpt":{"rendered":"US president says deal secures majority US control of more than 65 billion barrels of proven oil reserves…\n","protected":false},"author":2,"featured_media":875610,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[1376,46,4717,43,799,44,32557,9888,41,39,42,40,772,165432,20147],"class_list":["post-875609","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-donald-trump","tag-economy","tag-energy","tag-headlines","tag-latin-america","tag-news","tag-oil-and-gas","tag-opec","tag-top-news","tag-top-stories","tag-topnews","tag-topstories","tag-united-states","tag-us-venezuela-tensions","tag-venezuela"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/875609","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=875609"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/875609\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/875610"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=875609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=875609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=875609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}