US President Trump announces agreement with Venezuela to secure majority control of over 65 billion barrels of oil reserves

US President Donald Trump announced on August 29, 2026, that Washington has finalized an agreement with Venezuela to secure majority control of more than 65 billion barrels of proven oil reserves. Venezuelan Acting President Delcy Rodriguez characterized the agreement as a 'historic milestone' that is projected to catalyze the nation's revival, securing over $100 billion in investment and generating more than $209 billion in taxes for the country.