President Trump Announces Agreement with Venezuela for Control of Oil Reserves

President Donald Trump announced on Friday, August 29, 2026, that the U.S. has entered an agreement with Venezuela to take control of 65 billion barrels of the South American country's oil reserves. Trump described it as "THE BIGGEST OIL DEAL IN WORLD HISTORY!" The deal, reportedly negotiated by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth with Venezuela's interim President Delcy Rodriguez, gives the United States 55% effective output of a new private company, including an ownership stake and rights to buy oil at cost.