Trump Announces Deal Giving U.S. Control Over 65 Billion Barrels of Venezuelan Oil
President Trump announced an agreement giving the United States control over more than 65 billion barrels of Venezuela's proven oil reserves, framing it as a historic deal that will lower gas prices and help refill the Strategic Petroleum Reserve. Venezuela's interim president said the deal would help revive the country's economy, while opposition critics and some outlets emphasized concerns that the arrangement amounts to a predatory or unconstitutional land grab. Coverage varies in emphasis, with some outlets focusing on economic benefits touted by the administration and others highlighting political controversy and the unusual circumstances surrounding Venezuela's leadership.
President Trump announced that the United States has entered into a deal with Venezuela granting U.S. control over more than 65 billion barrels of the country's proven oil reserves. The announcement, made in late August 2026, came approximately nine months after a U.S. military operation, ordered by Trump, resulted in the capture of Venezuelan president Nicolás Maduro, who was brought to the United States to face federal narcoterrorism and drug trafficking charges. Venezuela has since been led by an interim president, who publicly stated the oil agreement would help revive the country's economy. A U.S. official indicated the deal would involve a partnership with a private company rather than direct government control of the reserves. Trump said on Truth Social that he intends to use Venezuelan oil to "fill up" the U.S. Strategic Petroleum Reserve. His administration has promoted the agreement as a means to reduce gasoline prices, which had risen amid instability linked to the Iran conflict. Multiple outlets reported the figure of 65 billion barrels, though one early report cited more than 60 billion, reflecting some variation in initial figures before the number was clarified. The deal has drawn criticism from Venezuelan opposition figures and some international commentators, who characterize the arrangement as "predatory," "rapacious," and potentially unconstitutional given the circumstances under which Venezuela's current government came to power following Maduro's removal. Reports describing the U.S. seeking a long-term stake in Venezuela's oil and gas fields had circulated in the days before Trump's formal announcement, prompting public backlash. Specific contractual terms, the identity of the private company involved, and the precise economic benefits for Venezuela remain unclear and have not been detailed in available reporting.
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How the coverage differs
Trump says U.S. now has control of over 60 billion barrels of Venezuelan oil reserves
President Trump announced a deal to grant the U.S. control of more than 60 billion barrels of proven Venezuelan oil reserves.
Read original report ↗Trump Says U.S. Struck Deal for Control of More Than 65 Billion Barrels of Venezuela’s Oil
The president said an agreement between the countries covered more than 65 billion barrels of reserves. A U.S. official said it would involve a partnership with a private company.
Read original report ↗Trump says U.S. has entered deal with Venezuela to control 65 billion barrels of its oil reserves
The announcement of the deal comes nearly nine months after the U.S. military at Trump's direction carried out an operation to capture Venezuela's president Nicolás Maduro and spirit him to the United States to face federal narcoterrorism and drug trafficking charges.
Read original report ↗Trump promises to 'fill up' SPR after US-Venezuela oil deal
President Trump said Sunday the U.S. will “fill up” the Strategic Petroleum Reserve (SPR) as a result of the oil deal his administration reached with the Venezuelan government. “One of the things I am going to do with the Venezuelan Oil is fill up the Strategic National Reserves,” Trump wrote on Truth Social, adding the...
Read original report ↗Trump hails 'historic' deal for US to control 65bn barrels of Venezuela's oil
Venezuelan interim president says the unusual agreement will help revive her country's economy.
Read original report ↗Trump says U.S. has entered deal with Venezuela to take control of 65 billion barrels of oil reserves
President Trump says his administration has entered a sweeping agreement with Venezuela that could give the U.S. access to vast amounts of the South American country's untapped oil reserves, at cost.
Read original report ↗Trump touts access to 65 billion barrels of Venezuelan oil in deal he says will slash gas prices
The Trump administration is touting the oil deal with Venezuela as a way to lower gasoline prices, which have been elevated since the Iran war broke out.
Read original report ↗Venezuelan opposition up in arms over reports US wants big stake in oil and gas
Critics call move to gain long-term access to country’s massive energy reserves ‘predatory’ and ‘unconstitutional’ Reports that the US is preparing to claim a big stake in Venezuela’s massive energy reserves have sparked an outcry, with critics describing the move as “predatory” and a “rapacious” land grab. Several media outlets this week reported that the Trump administration – which abducted Venezuela’s authoritarian president, Nicolás Maduro, in January and has steered the South American country ever since – hopes to secure long-term access to its oil and gasfields. Continue reading...
Read original report ↗Oil jumps past $91 as Trump casts doubt on a new deal with Iran
The president said the critical Strait of Hormuz was “open,” but the latest shipping traffic data didn’t appear to support his claim.
Read original report ↗