Trump Secures Control of 65 Billion Barrels of Venezuelan Oil

President Trump announces an agreement with Venezuela to secure majority U.S. co·Latest event September 4, 2026

Aug 31

Trump Secures Control of 65 Billion Barrels of Venezuelan Oil

Trump confirmed late Friday a 25-year energy partnership to replenish the U.S. Strategic Petroleum Reserve using Venezuelan reserves. The agreement involves interim president Delcy Rodríguez following the removal of Nicolás Maduro. This deal grants the U.S. government control over 65 billion barrels of oil. The acquisition has triggered significant political debate. Senate Democrats criticized the move while Senator Bernie Moreno expressed support. This development occurs as the No Taxpayer Funds for Corporate Investment in Venezuelan Oil Act remains in committee. That bill would ban federal reimbursement for U.S. companies investing in Venezuela's energy sector.

S 3685Ban on Taxpayer Funding for Venezuelan Oil ProjectsTrump confirmed deal to secure control of Venezuelan oil reservesVenezuela oil deal: Trump secures control of 65 billion barrels of oil reservesVenezuelan Oil Will Be Used to Refill US Reserve, Trump SaysVenezuela's Delcy Rodríguez says oil deal with Trump has 'endless' benefits

Aug 28

Trump Announces Agreement with Venezuela to Increase Oil Production

The deal follows months of negotiations where Chevron sought to expand operations at heavy oil sites in Venezuela. Trump characterized the arrangement as the biggest oil deal in world history on Friday night. Reports indicate the energy firm is investing billions of dollars to increase production capacity. Trump shared breaking news of the agreement shortly after the reports surfaced.

Trump announces oil deal with VenezuelaTrump shares breaking news of agreementChevron Nears Deal to Expand in Venezuela, WSJ Says